Ripple Banking Partner Powers Elon Musk’s X Money Launch for Users
Elon Musk’s X has begun to roll out X Money to a select group of Premium+ users, with Ripple partner Cross River Bank providing the primary banking infrastructure.
Summary
- X Money is being launched for a limited number of Premium+ users, with Cross River Bank as the banking associate.
- The longstanding relationship between Cross River and Ripple has raised expectations regarding possible future XRP integration.
- XRP traders are closely monitoring the key $1.06 support level as futures open interest declines amidst market fluctuations.
According to X, the initial launch features a digital wallet and payment service that allows eligible Premium+ users to perform peer-to-peer transactions, obtain a Visa debit card, and earn yield on cash balances using the platform. This service is being deployed through traditional banking systems rather than cryptocurrency.
Cross River Bank serves as the primary banking partner for X Money. This FDIC-member institution handles customer deposits and takes care of payment processing, card issuance, and the X Cash Sweep Program, which provides up to $10 million in FDIC insurance for qualifying balances.
Having teamed up with Ripple since 2014, the bank has utilized XRP Ledger technology for various cross-border payment services, which has attracted notable interest from the crypto community after the X Money rollout.
X Money currently operates on traditional banking systems
Given Cross River’s established ties with Ripple, some XRP supporters speculate that future advancements of X Money could involve blockchain-based payment systems.
Members of the XRP community have indicated that this partnership could pave the way for faster settlements, cross-border transactions, or stablecoin options if X decides to expand beyond fiat payments.
As of now, both X and Cross River Bank have not revealed any plans to incorporate XRP or other cryptocurrencies into X Money. The service is still operating under traditional banking systems, though Elon Musk has hinted at the possibility of future crypto features in the platform’s financial services.
This launch follows X’s enhancement of the Smart Cashtags feature, which enables users to view larger real-time charts for cryptocurrencies and stocks, including Bitcoin, Ether, XRP, HYPE, Dogecoin, Tesla, Strategy, and Coinbase directly on the platform.
In parallel, Ripple continues to advocate for its payment network and regulatory initiatives in the U.S. Recently, the company has utilized a mobile advertising truck around the U.S. Capitol, urging legislators to support the CLARITY Act. Ripple asserts that this proposed legislation would offer clearer guidelines for digital assets, enhance consumer protections, foster responsible innovation, and ensure that the United States maintains competitiveness in the digital asset arena.
XRP traders monitor key technical support
Along with the excitement surrounding X Money, XRP has shown modest recovery after the recent dip in the crypto market. As of this writing, the token is trading around $1.04, having varied between $1.01 and $1.08 in the last 24 hours.
Analyst Ali Martinez has pointed out that XRP is currently testing a significant volume zone near $1.06. He cited UTXO Realized Price Distribution data, indicating that over 830 million XRP changed hands at that price level, making it a vital support area. If the token drops below this threshold, stronger volume-based support levels are located around $0.80, $0.62, and $0.51.
Moreover, CoinGlass data has shown that derivatives traders are remaining cautious ahead of the latest crypto options expiry. Total XRP futures open interest has decreased by 2% to approximately $2.35 billion within the last four hours, suggesting that several leveraged positions were closed due to ongoing volatility in the broader crypto market.