Ripple Partner Cross River Bank Powers Elon Musk's X Money

Elon Musk’s X Money, a digital payments and wallet service integrated into the X platform, is now available to certain Premium+ users. The service includes peer-to-peer transfers, a Visa debit card, and high-yield savings options. Its banking infrastructure is provided by Cross River Bank, a long-standing partner of Ripple since 2014. Cross River Bank, an FDIC member, serves as the primary banking partner for X Money, holding user deposits and offering up to $10 million in FDIC insurance through the X Cash Sweep Program. It also handles card issuance and payment processing.

This partnership has sparked speculation about potential XRP and crypto integration in the future. Cross River uses the XRP Ledger to enable faster, lower-cost cross-border transfers. While X Money is currently fiat-focused, Elon Musk has previously hinted at possible crypto integration. The launch of X Money follows the recent introduction of Big Charts on X for stocks and crypto, expanding the platform’s Smart Cashtags feature.

XRP’s price saw a brief rebound after a market crash, trading at $1.03 with a 24-hour range of $1.01 to $1.08. Trading volume increased by 25%. Analyst Ali Martinez noted XRP is testing a key volume block at $1.06, with over 830 million XRP changing hands at that price, making it an important support level. If XRP declines, next supports are $0.80, $0.62, and $0.51. Meanwhile, XRP futures open interest dropped 1.83% to $2.31 billion amid crypto options expiry.

The development marks a significant step toward turning X into an ‘everything app’, and while no crypto integration has been announced, the XRP community views the banking partnership as a potential foundation for future digital asset support.

Source: https://coingape.com/ripple-partner-cross-river-bank-powers-elon-musks-x-money/