XRP Stuck in August Slump as Jackson Hole Meeting Looms

XRP has been struggling to regain its footing in the market after dropping 43% of its value this year. The token traded at $1.85 at the start of the year and reached a high of $2.41 in early January, but has since given back most of those gains.

The month of August is typically one of XRP's flattest periods, with an average return of just 0.43%. However, this year may be different due to the lack of major catalysts on the horizon.

One possible event that could move the token is the Jackson Hole meeting from August 27-29, which will focus on financial innovation and its implications for payments and policy. While Chair Kevin Warsh has said his keynote speech is still a 'blank piece of paper,' this could still have an impact on XRP's price.

Despite the lack of major events, the token's weekly momentum readings have fallen to levels seen only once before, at the 2022 bottom when XRP traded near $0.29. This suggests that most of the selling has already occurred and that the market may be due for a bounce.