XRP Tumbles Below $1 as Ripple's Korean Partnerships Fail to Lift Token

Ripple's latest partnership in South Korea has sent shockwaves through the cryptocurrency market. On August 18, Jeonbuk Bank announced that it would be using Ripple Payments for cross-border remittances, marking the company's third Korean institutional deal of 2026.

Within hours of the announcement, XRP slipped below $1 for the first time since November 2024. The token has been struggling to hold its ground despite a steady drumbeat of partnership headlines from Ripple.

The Jeonbuk Bank deal is significant because it marks the first regional bank in South Korea to deploy Ripple Payments. The company's Managing Director, Fiona Murray, described the partnership as 'a turning point' for the company in the country.

However, despite the excitement around the deal, there are some concerns about the use of XRP in settlement flows. When asked directly whether Jeonbuk's flows would use XRP, Ripple did not reply. In fact, all previous Korean deals have used stablecoin-based settlement, not XRP as a bridge.

XRP is currently trading around $0.99 on August 19, down roughly 73% from its July 2025 peak of $3.65. The token's market cap is near $62 billion, and it remains to be seen whether the company can regain its footing in the market.