XRP Soars 8% Following SEC Chair Gensler's Resignation, Traders Eye $2 Target Amid Renewed Optimism

XRP just jumped 8% after SEC Chairman Gary Gensler announced his resignation. This news has sparked a wave of optimism for Ripple and its altcoin. Traders are now eyeing a price target of $2 for XRP, with some even predicting it could hit an all-time high sooner than expected.

In the last 24 hours, XRP/USD has seen an 8% rise. The market is buzzing with excitement, thanks to Gensler's departure. His resignation takes effect on January 20, 2025, and many see this as a positive sign for Ripple.

On Thursday, XRP's price surged by 8%, contributing to a remarkable 51% gain over the past week. Even more impressive is the 120.2% increase over the last month. This development is viewed as a turning point for Ripple and XRP, especially with their ongoing legal battles with the SEC.

According to data from CryptoQuant Korea, there’s been a significant uptick in XRP deposits on Binance. This shift is largely driven by retail traders, marking the end of an 18-month trend of withdrawals. The 30-day moving average shows a net inflow of 470 transactions, the highest influx seen in nearly two years.

Crypto chart analyst Ali Martinez called Gensler's resignation "the best thing that could happen to Ripple." He has set a price target of $2 for XRP. Trader DonAlt also praised XRP's recent price action. He believes a breakout above the $0.70 resistance level is likely, with a next target of $1.6. In a light-hearted remark, he joked, "ETH flips BTC, XRP flips ETH, everything implodes."

Meanwhile, CrediBULL Crypto predicts that XRP will achieve a new all-time high faster than most expect, projecting it will outperform both Bitcoin and Ethereum.