Ripple’s [XRP] price action turned sharply bearish in the hours following the SEC’s ‘Project Crypto’ announcement, with the token falling below the $3 mark and extending losses to a low of $2.89 on the hourly chart, as of writing.
Source: TradingView
The sell-off intensified following the announcement, marked by a sharp red candle and rising trading volume, suggesting deliberate distribution rather than panic selling.
Technical indicators reinforced the bearish sentiment: the RSI plunged deep into oversold territory, and the MACD continued to show widening red bars, with no signs of a reversal.
Despite expectations that XRP might benefit from improved regulatory clarity, short-term traders seemed to be locking in profits amid broader market uncertainty.
As a result, the token dropped 3.57% in the latest trading session.
SOL drops below $170
Solana[SOL] saw a sharp decline following the SEC’s announcement, falling from $169.34 to a session low of $166.13 before stabilizing around $167.29, at press time.
The hourly RSI slipped to 26.89 – indicating oversold conditions – while the OBV continued to trend lower, showing consistent selling pressure.
The large red candle at 08:00 UTC suggests a strong bearish reaction in the immediate aftermath of the news, as traders appeared to sell into the announcement rather than buy the optimism.
Source: TradingView
The broader market followed a similar trajectory. While Project Crypto aims to deliver long-term clarity and legitimize blockchain-based markets, the short-term reaction has been risk-off.
Traders seem to be bracing for implementation delays, enforcement complexities, or simply locking in gains after recent run-ups.
In the near future, continued volatility is likely as the market digests the scope and the limits.
Source: https://ambcrypto.com/potential-impact-of-secs-project-crypto-on-xrp-and-sol-prices/