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.)