Ripple Partner Cross River Bank at the Forefront of Elon Musk’s X Money
Rolling Out of X Money
X Money, the digital wallet and payment system initiated by Elon Musk, is being offered to select Premium+ X users. X Money rolls out in alignment with the objective of X being an integrated ‘everything app.
An app that combines social media with payments and banking. Once the app is fully functional, users will be able to send money to one another, order a debit card, and even access a savings account with a competitive interest rate.
Cross River Bank and X Money
The interesting detail about the X Money launch is that Cross River Bank will be the main provider of banking services and infrastructure to X Money. Cross River has partnered with Ripple and has been a proponent of the new payment systems for a long time.
Because Cross River is a member of the FDIC, the money that customers place in Cross River is insured by the FDIC for up to $10 million with the X Cash Sweep Program.
Cross River also takes care of a number of other important banking services like payment processing, issuance of cards, and banking. Being a long time Ripple partner has stirred discussions about the prospects of incorporating payment systems on the blockchain in future versions of X Money.
Is XRP Part of the Future?
Currently X Money uses the traditional fiat payment systems, though some crypto advocates believe Ripple’s technology may drive the future. Cross River Bank has used the XRP Ledger to facilitate quicker, cheaper cross-border transaction systems, which has created more speculation that XRP, or some version of Ripple’s global payment systems, will become a reality.
The XRP community has leveraged the existing partnership between Ripple and Cross River to support the idea of instant settlement systems, providing settlement support for Cross River’s stablecoin, and other integrations for blockchain systems. While there have been no announcements of Ripple’s involvement, Musk has shown interest with some of the X platform’s upgrades to expand offerings with crypto.
Continued Crypto Evolution on X
The recent launch of Smarter X Money provides real-time tracking of enhanced financials for crypto and stock trading directly on the X platform. Users can view the following assets on the X platform: Bitcoin (BTC), Ethereum (ETH), XRP, Dogecoin (DOGE), Tesla (TSLA), MicroStrategy (MSTR), Coinbase (COIN). These improvements have shown that X is more focused on the financial facets of the platform and the embedded payment features.
XRP Price Outlook
XRP’s price has been influenced by the recent correction in the cryptocurrency market. Currently, XRP is trading around $1.03, where the price in the last 24 hours has fluctuated between $1.01 and $1.08. XRP has been experiencing about a 25% increase in trading volume.
According to market analyst Ali Martinez, because more than 830 million XRP were exchanged at that price level, $1.06 is an important resistance level. Without buying support, XRP is expected to drop to $0.80, $0.62 or $0.51. Over the same period, Coinroop derivatives data shows XRP futures open interest fell by 1.83% to $2.31 billion. This represents a conservative outlook in the derivatives market, where excitement is newly found with the introduction of X Money.
