XRP could be on the verge of a massive breakout, with analysts forecasting a surge to $14 if a key technical setup plays out. The altcoin is currently consolidating below $3.00 in what appears to be a bull pennant pattern, historically a precursor to sharp upward moves.

Technical analysts say XRP’s current weekly chart resembles the 2017 rally that saw the coin skyrocket by over 1,300% to all-time highs. According to crypto analyst Mikybull Crypto, the current setup suggests a potential 530% rally from current levels.

“I have seen this movie before,” he said, referencing the striking similarities to the last major bull run.

Bull pennants typically form after a strong upward move (flag pole) and then a period of price consolidation. A breakout above the triangle’s upper trendline often leads to a continuation of the rally.

If XRP breaks resistance around $2.65 and reclaims the 200-day simple moving average (SMA), the path to $3.00 and potentially $14 could open up.

In a major show of confidence, the number of whale wallets holding at least 1 million XRP has reached an all-time high, now surpassing 2,700 according to blockchain analytics firm Santiment. This kind of accumulation often precedes significant price action, as larger holders are typically considered long-term investors.

Additionally, active addresses have surged to an average of 295,000 per day, up from 35,000-40,000 seen over recent months.

XRP is currently trading around $2.22, up roughly 7.5% year-to-date. Analysts point to $2.27 (50-day SMA) and $2.65 (200-day SMA) as immediate hurdles. A break above these levels could confirm the bullish breakout.

A spot XRP ETF approval could also be a major catalyst, with some projections suggesting a rally as high as $25-$27 based on historical fractals and Fibonacci extensions.

XRP bulls will need strong momentum and broader market support to sustain any breakout. The cryptocurrency market remains volatile, but sentiment around XRP is increasingly bullish amid whale interest and historical chart patterns.