XRP (CRYPTO: XRP) is up 8% over the past 24 hours, gaining momentum as news of SEC Chairman Gary Gensler stepping down sends bullish signals across the market.

What Happened: Gensler announced his resignation effective January 20, 2025, which has been interpreted as a positive development for Ripple.

XRP's price surged 8% on Thursday, contributing to a 51% gain over the past week and a remarkable 120.2% increase over the past month.

This development is seen as a turning point for Ripple and its associated cryptocurrency, XRP, amid its ongoing legal battles with the SEC.

Statistics: CryptoQuant Korea observed a significant rise in XRP deposits on Binance, primarily driven by retail traders.

This marks the end of an 18-month trend of consistent withdrawals.

The 30-day moving average revealed a net inflow of 470 transactions, the highest influx in nearly two years.

Trader Notes: Crypto chart analyst Ali Martinez described Gensler's resignation as "the best thing that could happen to Ripple" and set a price target of $2 for XRP.

'@GaryGensler leaving the @SECGov is the best thing that could happen to @Ripple. Now, $XRP targets $2!  pic.twitter.com/LLE4n0MC8z

— Ali (@ali_charts) November 21, 2024

DonAlt praised XRP's price action, expressing confidence in a breakout above $0.70 resistance, with a forecasted next stop at $1.6. In a lighter tone, he joked, "ETH flips BTC, XRP flips ETH, everything implodes."

CrediBULL Crypto predicted XRP would achieve a new all-time high "quicker than most expect," projecting outperformance against Bitcoin and Ethereum.

I think $XRP is probably going to make new ATH a lot quicker than most are expecting- and I think it's going to vastly outperform both $BTC and $ETH from current levels while doing it.
XRP/ETH just reclaimed and retested a 4 year long range, with the first target being ~250%... pic.twitter.com/fLYlH2GEYB

— CrediBULL Crypto (@CredibleCrypto) November 21, 2024