XRP is on the brink of a breakout, but will it make the leap? The upward momentum is palpable, especially as positive market signals converge near the crucial $2.38 resistance level.

Currently priced at $2.229, XRP is eyeing the $2.38 resistance, where more than 2.75 billion tokens have traded previously. This psychological barrier is not easily breached and has been historically defended by bears.

Market sentiments are shifting: the Spot Taker CVD (90-day) suggests powerful buy-side activity, indicating that buyers are actively stepping in, potentially setting the stage for a significant price advancement.

However, there’s a twist: spot trading volume is cooling down. Despite ramped-up buying endeavors, the Bubble Map indicator reveals a dip in overall transaction activity, putting the brakes on bullish momentum. This cooling indicates that not all traders are fully on board, raising concerns about the sustainability of a breakout.

On the technical side, XRP’s Network Value to Transactions (NVT) ratio has dropped significantly—43.49% in the past 24 hours—hovering around 95. Such a steep decrease bodes well, suggesting an improved market valuation related to transaction volume, which could underpin a rally.

Short positions galore could amplify the impact of a breakout. The liquidation heatmap shows a clustering of short positions between $2.30 and $2.38. If XRP can push past this region, forced liquidations could create a domino effect, sending prices soaring.

XRP is also caught in a symmetrical triangle pattern, with its price oscillating between lower highs and higher lows. As this formation tightens, the anticipation for a decisive move grows. A break above $2.38 could launch XRP towards a target in the $2.60 range, igniting bulls further.

However, failing to breach this critical resistance could prompt a sharp return toward the $2.11 support, halting bullish momentum.

As XRP stands at this pivotal juncture, the mix of buyer enthusiasm, bullish derivative signals, and improving fundamental metrics create a tantalizing scenario for traders. Yet, they must watch out for the cooling volume, which poses a risk to sustained upward pressure. The question remains: can the bulls push through the resistance barrier and seize the momentum, or will the bears take control?