As the cryptocurrency market faces volatility, XRP has experienced its second key technical event for 2024: the formation of a death cross, U.Today reported. The development has caught the attention of traders and analysts who are weighing the possible implications of this formation. A death cross is when a short-term moving average, such as the 50-day moving average, crosses below a long-term moving average, such as the 200-day moving average, and is often seen as a sign of a bear market. For XRP, this is the second time this has occurred this year, with the first occurring in late January. While a death cross usually signals a possible sell-off, the opposite always seems to be true for XRP, with the formation of a death cross signaling a major or temporary bottom. After the first death cross in 2024, XRP experienced a bottoming phase followed by recovery, with prices reaching a high of $0.748 about three months later. This could be because prices may have been oversold by the time the death cross occurred. This historical narrative offers a glimmer of hope for investors who are wondering if a similar pattern could emerge after this second death cross. At the time of writing, XRP price is down 2.49% in the last 24 hours to $0.494 as the broader crypto market faces selling pressure ahead of the Federal Reserve meeting. If the decline continues, the next major support for XRP is expected to be at $0.467, which has twice served as a base for XRP price rebounds. On the other hand, a break above the 50 and 200-day moving averages could be the first sign of strength for XRP price.