XRP Price Forecast: XRP slips below $1.00 as Ripple deepens Korean banking ties
- XRP remains below the critical $1.00 handle, trading at levels last seen in 2024.
- Jeonbuk Bank taps Ripple Payments to expand blockchain-based cross-border remittances in Korea.
- The XRP technical structure deteriorates further, with major moving averages declining and limiting recovery potential.
Ripple (XRP) is trading below $1.00 on Tuesday as investors weigh escalating tensions in the Middle East. The remittance token has remained in a bearish trend for most of this year, with losses below the critical $1.00 level likely to dominate this week’s trading unless a sustained recovery ensues.
Ripple expands cross-border payments in Korea
Ripple announced on Monday that it has entered into a strategic partnership with Jeonbuk Bank to expand cross-border payments in Korea, building on its broader push in the region.
The blockchain-based enterprise solutions provider said in the press release that the collaboration aims to bring transaction settlement time to near-instant, boosting businesses that rely on intermediary banks via the SWIFT system.
Jeonbuk Bank is the first commercial bank in Korea to deploy Ripple Payments, underscoring the blockchain company’s expansion efforts.
“Jeonbuk Bank can now offer faster, more transparent, and cost-effective remittance services to its global business customers, including import-export companies, IT startups, and online content creators,” Ripple said in the press release.
Technical analysis: XRP sellers tighten grip
XRP trades slightly below $1.00, retaining a bearish near-term bias as it holds below the 50-day, 100-day, and 200-day Moving Average Exponentials (EMAs). The pair also remains below the downward resistance trendline, now tracked around $1.06, while the MACD indicator stays marginally negative and the RSI at 36 hints at lingering downside pressure.
Initial resistance lies at the descending trendline near $1.06, followed closely by the 50-day EMA at $1.07, creating a nearby cap ahead of the more significant 100-day EMA at $1.16 and the 200-day EMA at $1.35. With no clear structural supports on the daily chart, the pair would likely remain vulnerable to further downside while it trades beneath this stacked EMA resistance zone. Any recovery attempt would need to reclaim the trendline and 50-day EMA cluster to ease the immediate bearish tone.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
