Elon Musk’s X has begun the rollout of X Money to a select group of Premium+ users, leveraging Ripple partner Cross River Bank as its primary banking infrastructure.
Summary
- X Money is being made available to chosen Premium+ users, with Cross River Bank as the banking collaborator.
- The ongoing partnership between Cross River and Ripple has ignited speculation about potential future integration of XRP.
- XRP traders are closely monitoring the key support level of $1.06 as futures open interest declines amid market fluctuations.
According to X, the initial rollout features a digital wallet and payment service, enabling eligible Premium+ users to perform peer-to-peer transactions, access a Visa debit card, and earn yields on cash balances within the platform. This service has been launched using traditional banking systems rather than cryptocurrency.
Cross River Bank acts as the main banking partner for X Money. This FDIC-member institution manages customer deposits and oversees payment processing, card issuance, and the X Cash Sweep Program, providing up to $10 million in FDIC insurance for eligible balances.
Since partnering with Ripple in 2014, the bank has previously employed XRP Ledger technology for specific cross-border payment services, generating considerable interest from the cryptocurrency community following the launch of X Money.
X Money currently operates on traditional banking systems
Given Cross River’s established relationship with Ripple, some XRP enthusiasts speculate that future versions of X Money may integrate blockchain-based payment systems.
Members of the XRP community have suggested that this collaboration could unlock opportunities for faster settlements, international transfers, or stablecoin services if X eventually expands beyond fiat payments.
Currently, both X and Cross River Bank have not indicated any plans to incorporate XRP or other cryptocurrencies into X Money. The service continues to function within traditional banking frameworks, although Elon Musk has suggested potential future crypto features in the platform’s financial services.
This rollout follows X’s enhancement of the Smart Cashtags feature, allowing users to access larger real-time charts for cryptocurrencies and stocks, including Bitcoin, Ether, XRP, HYPE, Dogecoin, Tesla, Strategy, and Coinbase directly on the platform.
Meanwhile, Ripple continues to promote its payment infrastructure and regulatory initiatives in the U.S. Recently, the firm deployed a mobile advertising truck around the U.S. Capitol, urging lawmakers to support the CLARITY Act. Ripple argues that this proposed legislation would offer clearer guidelines for digital assets, improve consumer protections, encourage responsible innovation, and maintain the competitiveness of the United States in the digital asset sector.
XRP traders keep an eye on key technical support
In addition to the excitement surrounding X Money, XRP has shown slight recovery after a recent downturn in the crypto market. As of this writing, the token was trading around $1.04, having fluctuated between $1.01 and $1.08 over the previous 24 hours.
Analyst Ali Martinez noted that XRP is currently testing a significant volume cluster near $1.06. He referenced UTXO Realized Price Distribution data indicating that over 830 million XRP changed hands at that level, making it a pivotal support zone. If the token falls below this area, more substantial volume-based support levels are found around $0.80, $0.62, and $0.51.
Furthermore, CoinGlass data revealed that derivatives traders are exercising caution ahead of the latest crypto options expiry. Total XRP futures open interest has declined by 2% to approximately $2.35 billion in the last four hours, indicating that some leveraged positions have been closed due to ongoing volatility in the broader crypto market.
