Yeah, the X is a pretty clear reference to the red X of Xenogears, so that's a given. Nintendo's Twitter calls it a 完全新作タイトル, though whether that means that it's a game with no ties to an existing IP or simply a new title built from the ground up is anyone's guess. In any case, it's pretty clearly at least a spiritual successor to Xenoblade. And that kid toward the end bears more than a passing resemblance to Shulk. Though Takahashi has been known to do that with games that have no direct connection to one another (see also: Xenogears and Xenosaga).
Also, same character designer as Xenogears and Xenosaga Episode 1. Neat~
EDIT: Also also, I don't know if you noticed, but it appears to have a multiplayer component. Let's play together~ It will be beautiful. <3