Today’s trading session has seen AMP price dropping by 2 per cent and continuing yesterday’s drop of 7 per cent. The two-day strong bearish move has seen the crypto reverse more than a week’s aggressive push to the upside.
We have seen the AMP price fall aggressively because of the expected litigation between the platform and the US Securities and Exchange Commission. According to reports, AMP was listed as security, making most of its operations since its founding in contradiction with US law.
There is a high likelihood that the legal battle between the SEC and AMP will take the same litigious path as the Ripple vs SEC case, which has taken years and is still in court. Should the litigations take the same path, there is a high likelihood that we will see the platform’s future development slowing down if it fails to handle its case as Ripple has.
The news of SEC classifying AMP as a security has already started to bite the platform. Binance.US has also indicated its intention of removing AMP from trading on its platform. According to reports, starting from August 15, AMP will be removed from the Binance platform.
However, Binance also indicated that removal would not be permanent, and there was a high likelihood that the platform and the crypto would be listed again once everything is sorted with SEC.
AMP Price Prediction
Looking at the chart below, it has been weeks since AMP had an established trend. Today, AMP price continues to trade in a sideways market. The current price drop of 2 per cent highlights how AMP has continued to struggle in the markets.
Looking at the past few trading session’s price action, the trend looked poised to continue trading bullishly after surging by 15 per cent in five days. However, yesterday’s and today’s strong bearish trends indicate that AMP price is not yet ready for recovery. There is a high likelihood that we will continue to see the crypto struggling in the markets for the next few trading session.
I also expect the prices to hit the $0.00778 price level and possibly trade below it. However, should the price reverse and hit yesterday’s price high of $0.0093, then my bearish analysis will be invalidated. It will also mean a likelihood of another push to the upside.
AMP Daily Chart
