XRP slipped below $1 on Tuesday, extending its recent slide. The move comes as Jeonbuk Bank confirmed it will use Ripple's 24/7 cross-border payment service for business remittances. It's not yet clear whether those payments will run on XRP or Ripple's RLUSD stablecoin.
XRP's Slide Below $1
The digital asset broke through the $1 mark in early trading, a level that had held as support over the past week. Traders pointed to broader market pressure, though no single trigger was identified. The decline marks a sharp reversal from the token's recent highs, leaving investors to gauge whether further downside is likely.
Volume picked up during the drop, suggesting active selling rather than a quiet drift. Still, the token remains well above its lows from earlier in the year, and some market participants are watching for a rebound if the selling pressure fades.
Jeonbuk Bank's Move to Ripple
Jeonbuk Bank is integrating Ripple's payment infrastructure to handle business remittances around the clock. The service promises faster settlements than traditional banking rails, which typically close on weekends and holidays. For a bank that processes cross-border trade payments, that 24/7 capability is a practical advantage.
The announcement follows a string of similar partnerships for Ripple, which has been pushing its payments network into Asia. Jeonbuk Bank's adoption signals that traditional financial institutions are still willing to test blockchain-based settlement, even as crypto prices wobble.
XRP or RLUSD? The Open Question
The big unknown is which asset will actually move across Ripple's network for these remittances. Ripple has long marketed XRP as a bridge currency for cross-border payments, but the company has also developed RLUSD, a dollar-pegged stablecoin designed for the same use case. The bank hasn't said which one it plans to use.
That distinction matters. If Jeonbuk Bank routes payments through XRP, it could provide a steady source of demand for the token. If it chooses RLUSD, XRP's role would be limited to the underlying network, not the settlement asset. The choice could influence how other banks view XRP's utility in the long run.
Ripple has not commented on the bank's asset selection. Jeonbuk Bank's technical rollout will likely reveal the answer, but no timeline for implementation has been announced. Until then, the market is left to guess whether this partnership is a win for XRP holders or just another notch in Ripple's stablecoin push.
