XRP News: Ripple Partners with Korea’s Bank to Replace SWIFT with Real-Time Payments
Highlights
- Ripple partners with South Korea's Jeonbuk Bank for real-time cross-border settlement.
- It replaces SWIFT network for real-time, 24/7 cross-border remittances for its business customers.
- XRP price and futures open interest rebound amid the major news.
In major XRP news today, Ripple and Jeonbuk Bank partner to modernize cross-border payments for South Korea’s regional banking sector. It becomes the first regional bank in South Korea to deploy Ripple Payments for real-time cross-border settlement.
Ripple Partners with Jeonbuk Bank for Real-Time Cross-Border Remittances
Jeonbuk Bank selected Ripple Payments to replace the traditional SWIFT network for real-time, 24/7 cross-border settlement for its business customers. JB Financial’s subsidiary becomes the first regional bank to deploy Ripple Payments in South Korea.
The commercial bank will offer faster, more transparent, and cost-effective remittance services, including for import-export companies, IT startups, and online content creators.
Fiona Murray, managing director of Asia Pacific at Ripple, said this partnership with Jeonbuk Bank reflects growing momentum across South Korea’s institutional financial sector, where leading financial institutions are actively adopting digital asset capabilities. She added that companies are seeking infrastructure partners they can rely on for the long term.
Today’s XRP news highlights Ripple’s third partnership in South Korea this year after Kyobo Life Insurance and Kbank. Notably, each institution partnered with Ripple for a different need, such as custody, payments, treasury, and tokenization, as they began the digital asset journey.
Price Action amid the Major XRP News
XRP price jumped more than 0.65% after the news of Ripple’s partnership with Jeonbuk Bank. The price is currently trading at $0.995, recovering some losses after falling almost 1.50% over the past 24 hours.
The 24-hour low and high were $0.988 and $1.01, respectively. Moreover, trading volume has increased by 40% over the last 24 hours, indicating rising interest among traders. Notably, Wall Street giants such as JPMorgan and Morgan Stanley increased holdings in XRP ETFs.
In the daily timeframe, the price has dropped below the 50-SMA amid a sharp slowdown in spot XRP ETF inflows. XRP price analysis pointed to a potential recovery to $1.05 as the overall sentiment remains positive.
CoinGlass data showed buying in the derivatives market. At the time of writing, the total XRP futures open interest jumped 0.60% to $2.77 billion in the last hour. XRP futures OI on CME and Binance climbed more than 0.44% and 0.83%, respectively. This signals bullish sentiment amid this major XRP news.
To support this level of enterprise adoption, financial institutions are increasingly evaluating the market’s leading institutional crypto custody solutions to securely manage their digital assets.
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