Ripple 的 XRP 銷毀機制解構：為何或成加密投資者市場變革者

銷毀代幣是指永久將部分代幣從流通中移除，有效減少供應量。透過採用這種做法，Ripple 目標在於為 XRP 創造稀缺性——這在經濟理論中常與價值上升掛鈎。這項行動的時機備受關注：適逢 Ripple 於美國的判決取得部分勝利，加上 XRP Ledger 近期新發展，代幣銷毀策略或將深遠影響 XRP 市場。投資者與分析師現時密切觀察，此番減少供應能否穩定價格並推動長線增長，還是會被其他市場因素抵銷其效應。本文會為你分析 XRP 銷毀機制的內容、運作方式、重要性，以及對加密投資者未來可能帶來甚麼影響。

代幣銷毀是一種加密項目主動銷毀部分代幣，永久移除其流通的方法。一般做法是把代幣發送到「銷毀」地址——這是無法花用、沒私鑰的錢包，使該等代幣永遠被鎖死。銷毀的首要目標是減少代幣可用供應。基礎經濟學認為：如果需求不變，供應減少會令剩餘代幣更稀有，理論上有機會帶動價值上升。金融界有時會將此與股份回購作類比；公司回購股份減少流通，雖然股份仍留於庫存，但加密代幣一旦銷毀則無法追回。

推行代幣銷毀有多重原因。其中一個常見動機是抑制通脹——猶如央行收緊貨幣供應一樣，以銷毀對抗長期通脹式增發。銷毀亦有助提升代幣價值和投資者信心，顯示項目方對代幣經濟的長線承諾。當流通供應減少，早期持有人在理論上或見資產升值（假設需求穩定）。這有助於市場形成項目方與投資者利益一致——共同支持代幣價格。此外，代幣銷毀展示團隊願意為生態利益「犧牲」本身持幣，更能加強社群向心力。

代幣銷毀在加密圈並不算新鮮甚至稀有——反之，現已成為常見策略工具。例如幣安幣（BNB）就以季度銷毀廣為人知。幣安原本承諾透過回購並銷毀 200 萬供應中的一半（約一億 BNB），每季度動用交易所 20% 利潤購回並銷毀。五年間，幣安已銷毀數十億美元 BNB，逐步接近銷毀目標。為加強透明度，2021 年幣安更以公開演算法自動調整銷毀量（BNB 自動銷毀機制），依據幣價及網絡使用情況計算。另一具代表性的例子是以太坊。2021 年，以太坊引入 EIP-1559 升級，在交易手續費部分引入銷毀機制，致使每筆交易都有部分 ETH 被銷毀。當網絡極度擁擠時，以太坊更出現 淨通縮（即銷毀 ETH 多於新發行），彰顯銷毀機制對代幣供應的根本性影響。即使是社群項目也常有銷毀行動；例如柴犬幣（SHIB）持有人定期發起銷毀計劃，以削減它龐大的供應。這些例子都說明：代幣銷毀已成為加密經濟學重要手段，可用來影響價格、獎勵長期持有者，並管理過剩供應。

Ripple 破格之舉：XRP 銷毀詳解

Ripple 作為 XRP 背後公司，一直走在區塊鏈支付創新前沿。隨著 XRP 銷毀策略成為焦點，Ripple 顯然積極優化 XRP 的代幣經濟及市場觀感。但不同於某些項目的單次銷毀，XRP 的銷毀其實是其分類帳設計的內建功能。每當一筆 XRP 交易完成，就有一小部分手續費被不可逆轉地銷毀——也就是說，每筆交易都在不斷銷毀 XRP。這個設計自 XRP Ledger 創建初期已納入，以防止垃圾交易及濫用。每筆交易必須附帶一個象徵性手續費（大約是一萬分之一個 XRP），而該費用不是支付給任何人，而是直接銷毀，因此惡意用戶無法免費塞爆網絡。隨時間推移，這機制也導致 XRP 總供應量逐步收縮。

現時引起市場關注的，是 XRP 銷毀的規模與其背景。Ripple 近期行動——包括法院判決勝訴確立 XRP 法律地位、新功能如穩定幣及自動化做市商（AMM）登陸 XRP Ledger——都顯示未來網絡活動或可大幅增加，帶動以手續費銷毀 XRP 的速度亦水漲船高。換言之，Ripple 在 XRP 的通縮設計上更進一步，務求增強資產吸引力。以往 Ripple 曾受批評，因為 XRP 供應量大，且大量代幣被鎖倉在托管戶口。現在強調並有意優化銷毀機制，正是為解決供應過剩或「市場過度飽和」的疑慮。供應稀缺提升價值——這句老話正是 Ripple 策略的核心，他們希望藉此鞏固 XRP 在數字支付生態的地位。有加密分析師更指出，減少供應可帶來通縮效應，有望吸引追求長線增長潛力的投資者。換言之，一種用於全球支付且隨時間愈見稀有的資產，其組合對金融機構及散戶投資者均具吸引力。

值得注意的是，儘管 XRP 的日常銷毀是設計使然，Ripple 高層亦曾暗示或會考慮更激進的大規模銷毀。CEO Brad Garlinghouse 曾表示，理論上 Ripple 甚至可考慮銷毀部分托管中的龐大 XRP 儲備——但前提是「能切實改善生態健康」。這反映 Ripple 在更大幅減供應問題上態度審慎但持開放。此舉如成真意義重大：Ripple 托管中的 XRP 達數百億枚，即使一次性銷毀一小部分也會大幅改變市場供需動態。不少 XRP 社群成員對這種可能性感到興奮，亦有人力主審慎（稍後將詳述爭議）。總括而言，Ripple 的 XRP 銷毀策略是一套多面向方案：包括本身自動隨交易銷毀機制（隨網絡活躍愈來愈重要），亦不排除視乎需要進行更大規模的鎖倉代幣銷毀。結合內建通縮設計及策略性供應管理，令 XRP 在主流加密貨幣中獨樹一幟。

XRP 銷毀機制如何運作？

XRP 銷毀策略的核心，是 XRP Ledger 的交易手續費系統。每一筆在 XRP Ledger 上的交易——不論是發送 XRP 還是在帳本內其他資產交易——都需要繳付微小 XPR 作手續費，而這費用不是給礦工或驗證者，而是即時銷毀（永久消失）。一般情況下，標準交易所需費用極微：大約是 0.00001 XRP。例如你轉帳 100 XRP，僅需 0.00001 XRP 作手續費，而這份 XPR 會從總供應永久扣減。隨交易不斷發生，累計被銷毀的 XRP 就會增加。這設計的最重要目的，是保護網絡表現及安全性——即使只是分毫成本，惡意攻擊者塞爆系統的成本也被大幅提高，確保交易通道被合法用途佔用。換言之，XRP 的銷毀機制是抵禦垃圾訊息的「內建調節器」，保障交易流量真正用於實際活動。

另外，手續費並非一成不變，而是按網絡情況動態調整。XRP Ledger 經由驗證者共識機制確定最低費用，當網絡交易量超過負荷時，也有相應機制以微幅調高費用。即是說，繁忙期時用戶可自願多付手續費加速交易，這些更高費用亦會被銷毀。這種基於市場的加費模式，與比特幣、以太坊等擠塞時用更高手續費搶交易性質相似——但在 XRP 上一切手續費都轉化為更快的代幣銷毀，不會成為礦工收入。即使手續費偶有提升，但每筆交易實際銷毀的 XRP 份額仍極細小。Ripple 技術總監、XRP Ledger 聯合創辦人 David Schwartz 曾舉例說，即使 XRP 有朝一日達到 Visa 或 SWIFT 等全球支付網絡（每日數十億筆交易）量級，每年被銷毀的 XRP 亦僅佔總供應量 0.0075%，皆因單一交易消耗實在微乎其微。換言之，XRP 的通縮... is extremely gradual – by design, it would take many years and an astronomical number of transactions to put a serious dent in the 100 billion XRP that originally existed. A community calculation pointed out that to burn even 10% of XRP’s initial supply via the fee mechanism, it would require on the order of quadrillions of transactions – a practically unachievable figure in any near-term scenario.

這個過程極為緩慢——這是有意設計的，要對最初存在的一千億XRP供應量造成明顯減少，需要多年時間及天文數字級別的交易次數。有社群計算指出，即使只想通過手續費機制銷毀XRP初始供應的10%，都需要成千上萬兆次交易——這在可見的未來基本上是不可能實現的。

That said, small things add up over time, especially as network usage grows. As of mid-2025, the XRP Ledger hit a noteworthy milestone: over 14 million XRP in total had been burned since the network’s inception. This 14 million XRP – worth millions of dollars – is permanently gone, demonstrating the cumulative effect of over a decade of transactions. The pace of burning has accelerated with increased network activity. By late 2024 and into 2025, XRP saw a surge in on-chain activity, partly due to a crypto market rally and Ripple’s expanding use cases. Blockchain analytics noted that the number of daily active XRP addresses spiked to nearly 300,000 in mid-2025 (up dramatically from a typical 35,000-40,000 earlier in the year). Correspondingly, the rate of XRP being burned also increased, inching the total burned closer to that 14 million mark and beyond. Although 14 million XRP is still only about 0.014% of the original 100 billion supply, it represents the highest burn tally on record and signals steady growth in network usage. Each fraction of an XRP destroyed tells a story of real transactions happening on the ledger – a sign of a maturing ecosystem.

話雖如此，積少成多，尤其是網絡使用量增加的時候。到2025年年中，XRP帳本突破了一個重要里程碑：自網絡啟用以來，已累計銷毀超過1,400萬XRP。這1,400萬XRP——價值數百萬美元——已經永久消失，展示出十多年交易累積的效果。隨著網絡活動量上升，銷毀速度進一步加快。2024年底至2025年，XRP鏈上活動激增，一方面因為加密貨幣市場反彈，另一方面是Ripple的應用場景擴展。區塊鏈分析指出，2025年年中，XRP每日活躍地址數量激增至近30萬（而早前一年通常只有35,000-40,000左右）。相應地，XRP的銷毀速度也同步上升，累計銷毀總量逐步逼近1,400萬XRP並繼續攀升。雖然1,400萬XRP只佔最初一千億供應量的約0.014%，但這已是有記錄以來最高的銷毀總額，反映網絡使用持續穩步增長。每一分一毫被銷毀的XRP，都代表著帳本上真實發生的交易——這是生態系統逐漸成熟的證明。

Conceptual illustration of XRP’s deflationary mechanism: Each transaction on the XRP Ledger burns a small amount of XRP as a fee, slowly reducing the total supply over time.

XRP通縮機制的概念說明：每一宗XRP帳本交易都會燒毀少量XRP作為手續費，隨時間推移慢慢減少總供應。

In addition to per-transaction burns, the XRP Ledger has recently introduced new features that incorporate one-time burns for certain actions. A prime example is the launch of Automated Market Makers (AMMs) on XRPL. The AMM functionality (proposed under XLS-30) allows users to create liquidity pools on the ledger for decentralized trading. To prevent the proliferation of spam or low-quality pools, the network implemented a rule: each new AMM pool creation carries a 2 XRP fee that is also burned. This means whenever someone sets up a new liquidity pool on the XRP Ledger’s AMM, 2 XRP are sacrificed and removed from circulation. While 2 XRP is still a trivial amount in the grand scheme, it’s much larger than the usual 0.00001 XRP per transaction – so these pool creation events contribute noticeably to the burn total. As the XRPL DeFi ecosystem grows, this could become a modest new avenue of deflation. We saw a similar concept with Binance’s BNB chain, which introduced a real-time burn of a portion of gas fees (BEP-95) to accelerate BNB’s deflation. XRP’s approach with AMMs is in the same spirit: linking new feature usage with token burning to keep the system efficient and discourage spammy behavior.

除了一般交易的銷毀外，XRP帳本最近也引入了若干新功能，當中部分行動設有一次性的銷毀機制。最突出的例子就是XRPL引入自動化做市商（AMM）。AMM功能（在XLS-30提案下）容許用戶在帳本上建立流動性池進行去中心化交易。為防止垃圾池或低質素池氾濫，網絡設立了一項規定：每次新建一個AMM流動性池，都要徵收2 XRP作手續費，並一併銷毀。即每逢有人在XRP帳本AMM設定新流動性池，2 XRP就會被犧牲、永遠從流通中移除。雖然2 XRP在宏觀層面仍算微不足道，但比起每宗交易0.00001 XRP的常規手續費來說，這些新池建立事件無疑會對總銷毀量帶來明顯貢獻。隨著XRPL DeFi生態系統發展，這有望成為新增的小規模通縮渠道。我們早前在幣安BNB鏈也見過類似概念，即引入即時消耗部分Gas費（BEP-95）以加快BNB通縮。XRP這種將新功能應用與代幣銷毀掛鈎的AMM設計，同樣是為了提升系統效率、阻嚇濫用行為。

Another development involves Ripple’s own stablecoin, RLUSD (Ripple Liquidity USD), which is built on the XRP Ledger. Even though RLUSD transactions involve moving a USD-pegged asset, they still consume XRP for fees – meaning every transaction in Ripple’s stablecoin will burn a bit of XRP just like an ordinary XRP payment. Ripple has been testing RLUSD in 2024, and in anticipation of launch, they made a dramatic move by burning nearly the entire supply of RLUSD tokens that had been pre-minted for testing. In November 2024, Ripple destroyed 46.67 million RLUSD tokens in one day, essentially wiping out the pilot supply to create scarcity and reset the token’s availability. This bold act – while involving the stablecoin rather than XRP itself – underscores Ripple’s commitment to carefully managing token supply and value. It shows that Ripple is not shy about using coin burns as a strategic tool across its products. The RLUSD burn grabbed headlines and hinted that once the stablecoin launches (pending regulatory approval), Ripple wants it to enter the market with controlled supply and robust demand. For XRP holders, the relevant point is that if RLUSD sees heavy usage, it could indirectly accelerate XRP burning (since every RLUSD transaction on XRPL destroys XRP fees). However, even Ripple’s CTO Schwartz reiterated that the impact on XRP’s overall supply from stablecoin transactions will remain minimal in the near term – the burns will be consistent but very small relative to XRP’s vast supply.

另一個新發展涉及Ripple新推出的穩定幣RLUSD（Ripple Liquidity USD），同樣是建立於XRP帳本之上。即使RLUSD交易本身屬於美元掛鉤資產轉帳，但依然要消耗XRP作手續費——即每一宗Ripple穩定幣轉帳，都會像普通XRP付款那樣燒毀部分XRP。Ripple在2024年已開始測試RLUSD，並在上市前作出一項重大決定，就是銷毀了幾乎全部為測試而預先鑄造的RLUSD代幣。2024年11月，Ripple單日銷毀了4,667萬枚RLUSD代幣，相當於將試點供應全數清零，以製造稀缺、重設代幣可得性。這一大膽舉措（雖然主要是穩定幣而非XRP本身）卻突顯Ripple對代幣供應及價值管理的認真態度，也顯示Ripple樂於把銷毀設計作為集團產品的策略性工具。RLUSD銷毀事件廣受關注，也暗示未來穩定幣一旦成功推出（視乎監管批准），Ripple志在令其帶著受控供應量和強大需求進場。對於XRP持有人而言，重點在於如果RLUSD廣泛流通，XRP銷毀或會間接提速（因為每宗RLUSD交易都要在XRPL消耗XRP手續費）。不過，Ripple的CTO Schwartz 亦重申，短期內穩定幣交易對XRP總供應影響仍極其有限——銷毀會持續但始終只是XRP浩瀚總量當中的一小撮。

In summary, XRP’s burning mechanism operates on multiple levels: continuous micro-burns on each transaction, occasional larger burns tied to new features (like AMM pools), and the potential for strategic burns by Ripple or the community governance in the future. This multi-tiered approach helps enhance network security and efficiency today, and gradually contributes to scarcity over the long run. It’s a slow burn (literally) – one unlikely to dramatically shrink supply in the short run – but it establishes a deflationary trend that sets XRP apart from many inflationary or even fixed-supply crypto assets.

總括而言，XRP銷毀機制可於多層面運作：每宗交易的持續微量銷毀，偶爾因新功能（如AMM流動池）「大額」銷毀，以及未來Ripple或社群治理的策略性銷毀。這種多層次設計，既能即時提升網絡安全效能，更長遠來說亦有助建立稀缺。這是一場持久慢火，短期內難以大幅消減供應量，但卻為XRP注入通縮趨勢，使其在眾多通脹型或定量加密資產中顯得與眾不同。

Why XRP’s Coin Burn Matters

為何XRP的代幣銷毀舉足輕重

Ripple’s decision to spotlight and potentially amplify XRP’s coin burn comes at a pivotal time for the project. After years of uncertainty due to regulatory challenges, XRP is attempting to reinvent its narrative among investors as not just a fast payment token, but also a crypto with disciplined tokenomics. Here’s why this coin burn strategy is significant:

Ripple選擇聚焦甚至加大XRP代幣銷毀，正值整個項目關鍵時刻。經過多年監管不明朗的挑戰後，XRP正嘗試在投資者間重塑形象，不只是一個快速支付代幣，更是一個具嚴格代幣經濟學的加密貨幣。以下是這種銷毀策略的重大意義：

1. Tackling Oversupply Concerns: XRP’s tokenomics have historically been a double-edged sword. On one hand, having a 100 billion total supply (with about 50 billion currently circulating and the rest held by Ripple in escrow) ensures liquidity for a global payments network. On the other hand, that large supply has long been a point of concern for investors worried that XRP may be “oversaturated” in the market, potentially limiting its price upside. Ripple themselves have periodically released up to 1 billion XRP from escrow each month, and while most unused portions get returned to escrow, the circulating supply has still steadily grown. By embracing coin burning, Ripple addresses these oversupply worries head-on. The logic is straightforward: reducing supply can bolster value. If fewer XRP are available over time, each token becomes a bit more scarce. Ripple hopes this deflationary tilt will boost confidence that XRP’s value can appreciate as adoption grows. As one analysis described, a well-executed burn could “translate into a rise in the coin’s price” for holders by simple supply-demand mathematics. This is especially relevant for XRP, which has often faced skepticism due to Ripple’s large holdings; a burn signals that Ripple is willing to sacrifice some of its cache for the sake of a healthier market.

2. 解決供過於求的疑慮：XRP的代幣經濟學一直是把雙刃劍。一方面，擁有一千億枚總供應量（其中約五百億現時於市場流通，其餘由Ripple以託管形式持有）確保了作為全球支付網絡的流動性。但另一方面，如此龐大的供應量長期以來令投資者擔心XRP可能「過度飽和」，限制了價格上升空間。Ripple本身亦曾每月從託管中釋出高達十億XRP，雖然大部分未動用部份都會重回託管，但整體流通量仍然穩步增加。透過積極推動銷毀，Ripple正面回應這些供應過剩的憂慮。邏輯很簡單：減少供應可以提升價值。隨著XRP數量減少，每枚代幣會更稀缺。Ripple希望這種通縮趨勢增強大家對XRP價值隨普及而上升的信心。有分析形容，只要操作得宜，銷毀就可以「通過簡單供求關係令幣價上升」。這對經常受制於Ripple巨量持倉疑慮的XRP尤其重要；推行代幣銷毀正好表明Ripple願意為市場健康犧牲部分資本。

3. Aligning with Investor Expectations: The coin burn strategy also plays into broader investor sentiment trends in crypto. In recent years, many crypto investors – both institutional and retail – have shown a clear preference for assets with deflationary or low-inflation dynamics. Bitcoin’s capped supply of 21 million and Ethereum’s post-EIP1559 fee burns are frequently cited examples of “sound” or “ultrasound” money principles in crypto. By emphasizing XRP’s built-in burn (and possibly layering on additional burns), Ripple is aligning XRP more closely with those narratives. It sends a message that XRP is not going to inflate arbitrarily; instead, its supply will be tightening, however gradually. For young, crypto-curious investors who might be comparing various altcoins, an asset that becomes slightly scarcer with each transaction can be more appealing than one where supply is constantly increasing. This could make XRP a more attractive option in the eyes of a demographic that is already familiar with the idea that “scarcity = value” in crypto. Ripple’s move essentially repurposes XRP’s longstanding anti-spam fee burn into a marketing positive: what was once just a technical quirk is now a selling point of deflationary tokenomics.

4. 符合投資者期望：銷毀策略亦呼應了近年加密市場主流投資人（無論機構或散戶）對通縮或低通脹資產的明顯偏好。比特幣的限量供應2,100萬枚，以及以太坊EIP-1559升級後的手續費銷毀，都是常被引用的加密貨幣「健全貨幣」或「極致健全貨幣」原則。Ripple透過強調XRP內置銷毀（甚至有計劃追加新一層銷毀），進一步將XRP與這種論述接軌，向市場傳遞訊息：XRP供應不會任意膨脹，而是逐步緊縮。對於年輕、對加密貨幣好奇、正在比較不同山寨幣的投資者來說，每次交易都讓資產變得微量稀缺的設計很有吸引力，遠勝於供應不斷增長的幣種。這有利XRP向熟悉「稀缺=價值」這一理念的用戶群樹立正面形象。Ripple此舉可說是將XRP歷史悠久的反垃圾郵件費用銷毀，轉化為市場推廣賣點：本來只是技術細節，如今升格為通縮代幣經濟學的亮點。

5. Supporting Long-Term Utility and Price Stability: Ripple’s broader goal is to solidify XRP’s position as a key settlement and liquidity tool in global finance (especially for cross-border payments). For that vision to succeed, XRP needs to be seen as a reliable asset – not one prone to uncontrolled dilution or wild inflation. Introducing a deflationary bias via coin burns could help stabilize XRP’s price in the long run by curbing excessive supply growth. A leading crypto analyst recently commented on XRP’s strategy, noting that “scarcity drives value” and that creating a deflationary effect might foster price stabilization and long-term growth. The coin burn, in theory, acts as a counterweight to any selling pressure from new tokens entering circulation. Ripple has already taken steps in this direction by changing how it manages its escrow releases – in the past, it regularly sold portions of the unlocked XRP into the market, but in recent years it scaled back those sales and even began re-buying XRP from the open market to support prices. The burn strategy complements these efforts by ensuring that as XRP usage increases (for example, via Ripple’s payment products or upcoming stablecoin), there is a built-in mechanism reducing supply at the same time.

6. 支持長遠用途及價格穩定：Ripple更宏觀的目標，是鞏固XRP作為全球金融（尤其跨境結算）重要結算及流動性工具的地位。為實現這一藍圖，XRP必須被視為可靠資產——不是會被無序稀釋或惡性通脹的幣種。透過引入代幣銷毀帶來通縮傾向，可在長遠抑制供應過剩，有助XRP價格穩定。近期有知名加密分析師評論XRP戰略時指出，「稀缺推動價值」，創建通縮效果有助價格穩定及長線增長。理論上，代幣銷毀有如一種槓桿，抵銷新幣流通下的部分沽壓。Ripple已朝這方向行動，透過調整託管釋放政策——過往會將解鎖XRP部分售予市場，最近幾年已大幅減少銷售，甚至開始回購市場上的XRP以維持價格。銷毀策略正好與上述努力互補，確保隨XRP應用增長（例如Ripple的支付產品或即將上線的穩定幣），供應亦自然隨時收緊。

7. Market Perception and Competitive Edge: Adopting coin burns also places XRP in good company alongside other major tokens that have thrived after implementing deflationary measures. Binance Coin’s enormous rise in value over 2017-2021 was aided by its aggressive burn program, which demonstrated to BNB holders that the exchange was committed to boosting the token’s scarcity (indeed, BNB’s total supply has already dropped roughly 25% from burns and is on track to halve). Ethereum’s pivot to burning fees has been lauded for aligning user activity with value accrual to ETH holders, as high network usage directly translates

8. 市場觀感及競爭優勢：推行代幣銷毀，亦令XRP與其他已因通縮措施受益的主流幣種看齊。例如幣安幣（BNB）在2017至2021年間大幅升值，正是受惠於激進的銷毀計劃——此舉令BNB用戶相信交易所致力提升代幣稀缺性（事實上，BNB總供應已經因銷毀減少約25%，並有望減半）。以太坊轉型至燒毀手續費，同樣被推崇為令用戶鏈上活動直接轉化為ETH持幣者價值。into more ETH being burned. If XRP can similarly show that increased adoption (more transactions, more network usage) results in more XRP being taken out of circulation, it strengthens the case for XRP as a value-accruing asset, not just a transactional medium. In the highly competitive crypto landscape, this could be a differentiator. For example, consider Stellar (XLM), a close counterpart to XRP in the payments space: in 2019, Stellar’s development foundation made a surprising move by burning 55 billion XLM tokens – over half of the total supply – to increase scarcity and refocus the project. The market reacted positively to Stellar’s massive burn, with XLM’s price jumping about 14% immediately after the announcement. That bold reduction of supply was seen as a commitment to the token’s value, and it put Stellar in the spotlight for some time. Ripple likely took note of this episode. While XRP isn’t enacting an overnight 50% supply cull (at least not yet), its current burn strategy echoes the ethos of active supply management. In sum, showcasing a declining supply could give XRP a competitive edge as cryptocurrencies increasingly pitch their monetary policies as part of their value proposition.

→ 更多ETH被銷毀。如果XRP都能夠證明，隨住應用增加（多啲交易、多啲網絡使用量），會有更多XRP被永久銷毀，咁就強化咗XRP作為「能夠增值嘅資產」而唔止係轉帳媒介嘅理據。喺競爭激烈嘅加密貨幣市場，呢點有機會成為一個分水嶺。舉個例，好似Stellar（XLM）咁，佢係支付領域同XRP最接近嘅對手之一：2019年，Stellar嘅開發基金會出乎意料咁焚毀咗550億枚XLM —— 佔總發行量超過一半 —— 去增加稀缺性同令項目重心更聚焦。市場對Stellar大規模銷毀反應正面，XLM價格喺消息後即時彈咗大約14%。咁冒險減供應，俾到市場一種團隊好重視幣價價值嘅形象，令Stellar一段時間成為焦點。Ripple好大可能都有留意呢件事。雖然XRP未至於一夜間就大減一半供應（起碼仲未），但佢而家嘅銷毀策略都響應住積極管理供應嘅理念。總結，顯示供應不斷下降，可以令XRP喺愈嚟愈多加密貨幣將貨幣政策包裝成價值主張之時，獲得競爭優勢。

5. Part of a Bigger Vision: It’s also important to see XRP’s coin burn in the context of Ripple’s bigger vision for its network. The company is pushing on multiple fronts: expanding partnerships for its On-Demand Liquidity (ODL) service, developing enterprise stablecoins like RLUSD, adding new XRPL features (NFTs, DeFi capabilities), and pursuing central bank digital currency (CBDC) projects. Underpinning all of these is XRP as a bridge asset. By making XRP more scarce (or at least by publicizing that it’s becoming more scarce), Ripple could be trying to ensure that as utility increases, the value of XRP will not be diluted by an ever-growing supply. They want banks, fintechs, and even retail users to view XRP as a sound asset to hold and use, not one whose 100 billion supply will weigh it down. The coin burn aligns with Ripple’s narrative that XRP is entering a new phase of maturity – transitioning from a controversial token under legal scrutiny to a compliant, efficient digital asset with modern tokenomics. In statements, Ripple executives have hinted that all options are on the table to improve XRP’s tokenomics if it benefits the ecosystem. By reducing outstanding supply, Ripple can also help ensure that any new demand (say, from a major bank using XRP for settlement, or from an ETF if one is ever approved) has a more pronounced effect on price. Essentially, a leaner supply can mean a more responsive market, where growing demand translates more directly into upward price pressure, rewarding XRP investors for sticking with the asset.

→ 5. 更大願景嘅一部分：都好重要用Ripple對整個網絡嘅大藍圖去睇XRP燒幣呢件事。公司正喺多方面發展：擴展ODL（按需流動性）服務嘅合作夥伴網絡、開發企業級穩定幣如RLUSD、為XRPL增添新功能（NFT、DeFi能力）、推動央行數字貨幣（CBDC）項目。而XRP一直係呢啲嘢背後嘅橋樑資產。令XRP更稀缺（或起碼令人知XRP愈嚟愈稀缺），Ripple可能係想確保，實際應用愈來愈多時，XRP價值唔會因供應無限增加而被稀釋。佢哋希望銀行、金融科技公司，甚至零售用戶，都會覺得XRP係值得持有同使用嘅資產，而唔係一隻一百億發行量會壓住個價嘅幣。銷毀行動都同Ripple想講嘅故事一致，即XRP步入咗一個新嘅成熟期——由一隻有法律爭議嘅幣，轉型成為符合法規、高效、擁有現代幣經濟學嘅數碼資產。Ripple高層都有暗示過，只要對生態有益，所有優化XRP幣經濟學嘅方案都會考慮。減低未流通供應量，有助確保任何新需求（例如有大銀行用XRP結算，又或者ETF如果真係有一日獲批）對價錢嘅拉動會更明顯。即係話，供應收窄，可以令市場靈敏好多，使需求增加容易直接帶動幣價上升，獎勵堅持持有XRP嘅投資者。

Of course, while scarcity is one side of the coin (pun intended), demand is the other. XRP’s burn mechanism can only “drive value” if there is sustained or increasing demand for XRP in the first place. Ripple seems intent on stoking that demand through real-world adoption and use cases, and the coin burn is meant to complement those efforts by handling the supply side of the equation. Investors should recognize that a coin burn alone doesn’t guarantee a price rally – it is an influencing factor, not a magic wand. Market sentiment, utility, and macroeconomic conditions will continue to play major roles in XRP’s price direction. That being said, Ripple clearly believes that optimizing XRP’s supply dynamics now will pay dividends in the long run, especially as the crypto industry evolves toward valuing deflationary characteristics.

→ 當然，稀缺只係一枚硬幣（唔介意雙關）的其中一面，需求才係另一面。XRP燒幣機制之所以能夠「推升價值」，條件係XRP本身長期有穩定或者更高的需求。Ripple顯然致力於透過真實世界應用和場景刺激需求，而燒幣就係用嚟配合呢啲努力，處理供應嗰面。投資者要明白，單靠燒幣唔會保證幣價爆升——佢只係影響因素，唔係魔法棒。最後市場氣氛、實用性、宏觀經濟情況等等，都會繼續對XRP價格起到主導作用。不過，Ripple好明顯相信，依家優化XRP供應動態，會喺長遠帶來回報，特別係加密貨幣行業日益重視通縮元素之際。

Ripple’s Role in the Evolving Crypto Landscape

Ripple’s embrace of coin burning with XRP is part of a larger trend within the cryptocurrency industry: projects actively tuning their economic models to attract users and investors. In the early days of crypto, many projects launched with either a fixed supply (e.g. Bitcoin’s 21 million) or an inflationary model (e.g. Ethereum pre-2021 had no cap and issued new ETH to miners indefinitely). Over time, however, the industry has gravitated towards deflationary or supply-capped models as successful case studies emerged. XRP’s journey is a microcosm of this evolution.

→ ## Ripple喺加密產業轉型中的角色

Ripple用XRP進行燒幣，正正係加密貨幣行業一個大潮流嘅一部分：各大項目主動調整經濟模型去吸引用戶同投資者。早期香港加密市場，好多項目要麼係固定供應（例如比特幣2100萬）、要麼係通脹模式（好似2021年前以太坊冇上限，不停印新ETH畀礦工）。但隨住行業發展，有效案例出現，大家慢慢都向通縮或者有限供應靠攏。XRP一路行嚟，正好係呢個演化嘅縮影。

When XRP was created in 2012, all 100 billion tokens were pre-mined, and a large portion was allocated to Ripple (then known as OpenCoin) and its founders. The idea was that XRP would serve as a bridge currency for banks – high supply and fast, cheap transactions were meant to facilitate liquidity, not act as a store of value per se. But as years passed, it became apparent that investor perception matters even for a utility token. Ripple’s large holdings (peaking at over 50 billion XRP in escrow) led to accusations of centralization and fears that Ripple could flood the market at any time. This put XRP at a disadvantage in the court of public opinion, especially compared to coins with more transparent or community-driven issuance schedules.

→ XRP喺2012年創建，好早就預挖晒1000億枚，當中大部分分配咗畀Ripple（當時叫OpenCoin）同創辦人。咁做本意係要用XRP做銀行之間嘅橋樑通證——供應夠多、交易夠快又平，可以促進流動性，而唔係攞嚟保值。但過咗幾年，大家慢慢意識到，就算係功能型通證，投資者嘅觀感都好緊要。Ripple手持大量XRP（最高時鎖倉超過500億），俾人批評過於中心化，擔心佢可以隨時放貨沖淡市價。相比有透明發行機制或者由社群主導發行時程嘅幣，XRP呢方面喺公眾形象上處於劣勢。

Now, by championing the coin burn, Ripple is repositioning XRP in line with the contemporary crypto ethos. The company is effectively saying: “We hear the market’s concerns about supply and centralization, and we’re taking steps to mitigate those issues.” This move resonates with the approaches of other big players:

→ 到咗今日，Ripple推動燒幣，等於係重新包裝XRP，貼近而家加密貨幣圈嗰種新主張。公司實際上就係想同市場講：*「我哋聽到大家對供應量同中心化嘅擔憂，依家已經逐步解決。」*而咁做都同其他主流項目嘅做法呼應：

• Binance Coin (BNB): As mentioned, Binance’s quarterly burns have been a hallmark of its token policy. Initially, burns were based on a percentage of exchange profits (akin to a stock buyback funded by earnings). More recently, Binance introduced an auto-burn that is decoupled from profits and instead linked to BNB’s price and blockchain activity, providing predictable, transparent supply reduction. The success of BNB (growing from a relatively obscure exchange token to a top 5 crypto asset by market cap) is often credited in part to this aggressive burn program which signaled strong alignment with token holders. Ripple’s situation with XRP has parallels – Ripple’s revenue comes from software and payment flows rather than exchange fees, but one could imagine Ripple using part of its revenues or XRP holdings in future to buy-and-burn XRP, similar to Binance’s early model. In fact, some in the community have suggested Ripple should emulate Binance and commit to destroying a portion of what it earns from selling XRP to institutional clients, thereby looping value back to retail holders. There’s no official word on such a program yet, but the very suggestion shows how Binance set a precedent that Ripple is now nudging towards with its burn rhetoric.

→ * 幣安幣（BNB）：正如之前提過，幣安每季度燒幣都成為佢Token經濟政策嘅標誌。最初燒幣同平台利潤掛鉤（有啲似回購股份咁），後來Binance引入咗自動燒幣機制，唔關盈利事，改為根據BNB價格同鏈上活動決定，令供應收縮更可預測、更透明。BNB之所以由一隻無人問津嘅交易所幣，變到而家市值Top 5，很大程度都係倚賴呢種積極銷毀機制，同持有人利益的高度一致。Ripple同XRP有近似情況——Ripple收入主要靠軟件同支付流，唔係交易所手續費，但其實Ripple日後都可以考慮拎部分營收或者XRP持倉回購銷毀，好似Binance起步時咁。其實社群早有建議Ripple學Binance，承諾將部分機構銷售賺到嘅XRP燒咗，等零售投資者間接受益。雖然官方未有表態會搞呢類計劃，但一有呢啲建議，已經反映Binance做出過一個標準，而Ripple現正朝住呢個方向推進。

• Ethereum (ETH): Ethereum’s implementation of a burn mechanism via the London hard fork (EIP-1559) in 2021 has made ETH’s monetary policy more complex but arguably more investment-friendly. Now, every Ethereum transaction burns a base fee in ETH, meaning high network usage directly translates to ETH becoming more scarce. This has introduced a deflationary aspect to ETH during busy periods (for example, at times of NFT trading frenzies or DeFi booms, ETH supply actually contracts). The Ethereum community proudly touts this as making ETH “ultrasound money,” a play on the idea that Bitcoin is “sound money.” XRP’s own burn mechanism is conceptually similar – both XRP and ETH now tie network activity to supply reduction. By highlighting XRP’s burn, Ripple is riding the wave of positive sentiment that Ethereum’s move created. They can argue that XRP too benefits from more usage by having more tokens burned, aligning user growth with investor benefit. The key difference is magnitude: Ethereum’s burn can sometimes eliminate several ETH in a single transaction when gas fees spike, whereas XRP’s fee burn remains very small per transaction. Nonetheless, the principle is the same, and XRP can be positioned as part of the broader shift toward crypto platforms with in-built deflationary mechanisms.

→ * 以太坊（ETH）：2021年倫敦升級（EIP-1559）引入燒幣機制，令ETH貨幣政策更複雜，但對投資者來說更友好。宜家每次Ethereum交易都會燒掉部份ETH作為基礎費，換言之網絡愈多人用ETH就愈稀罕。喺繁忙時段（例如NFT熱潮或者DeFi起飛）甚至出現通縮——ETH總供應會短暫減少。Ethereum社群自豪咁形容呢舉措，話ETH變咗「超聲錢」（諷刺Bitcoin係「sound money」，意指好錢）。XRP個燒幣設計本質上都係咁——ETH同XRP都係將鏈上活動同供應減少扣連。Ripple突顯燒幣，都係想搭Ethereum引起正面氛圍嘅順風車。佢哋可以話，XRP亦都可疑因多網絡用戶而多咗燒幣出現投資者紅利，增長用戶數與持幣者利益結合。最大分別只係規模——以太坊爆gas嘅時候一單交易燒幾個ETH，而XRP每單交易燒費非常唔多。不過道理一樣，XRP可以擺位做業界一份子，加入有內建通縮設計的加密平台大潮流。

• Stellar (XLM): The case of Stellar is particularly interesting because of its shared history with Ripple. Stellar was co-founded by Jed McCaleb, one of Ripple’s original founders who left to create a Ripple-like network with some tweaks. In 2019, the Stellar Development Foundation (SDF) made a headline-grabbing decision to burn 55 billion XLM, over half of the total supply, because they determined those tokens would not be needed for the ecosystem’s growth. This one-time burn was an explicit attempt to “right-size” the project’s token supply and instill confidence. It drew praise from many investors who had been wary of the huge overhang of XLM tokens. Notably, Stellar’s leadership (CEO Denelle Dixon) said they didn’t undertake the burn lightly; they assessed what was actually necessary for the next 10 years and concluded the rest was better destroyed than held. The immediate effect was a price bump and applause from Stellar’s community. The longer-term effect was that XLM’s supply became fixed at 50 billion, and the foundation vowed it would perform no further burns. In essence, Stellar sacrificed supply for the sake of transparency and trust. Ripple, observing from the sidelines, surely recognized the symbolic power of that gesture. While Ripple has not announced anything as drastic as Stellar’s burn, the ongoing discourse about potentially burning the Ripple escrow (which holds around 39–40 billion XRP at present) draws a direct parallel. If Ripple ever did decide to eliminate a chunk of its escrowed XRP, it would be playing from Stellar’s playbook – dramatically reducing supply to reshape market dynamics. Even the speculation that Ripple might do this has been enough to excite parts of the XRP community. It shows how the concept of large-scale burns has gained traction as a legitimate path in the crypto playbook for turning around sentiment.

→ * Stellar（XLM）：Stellar個案特別有趣，因為佢同Ripple有共同歷史——創辦人之一嘅Jed McCaleb本身就係Ripple始創成員，離開之後落手build一個改良版Ripple。2019年，Stellar Development Foundation一炮過燒咗550億XLM，超過一半供應，因為佢哋評估過覺得冇必要留咁多幣生態發展。呢個一次過大燒幣係明確想調整供應量，「俾信心」投資者。好多原本好驚XLMmonster overhang嘅投資者因而大讚，而Stellar CEO Denelle Dixon都強調，燒幣前真係詳細度估過未來10年實際需求，寧願過剩實物焚咗都唔留。短線刺激咗幣價，長遠就鎖定供應喺500億，基金會發誓唔會再燒多啲。簡單講，Stellar係用犧牲供應去換透明同信任。Ripple隔岸觀火，肯定知呢舉措充滿象徵意義。雖然Ripple未有話會做Stellar嗰種激烈做法，但而家圍繞住燒Ripple escrow（目前約有390–400億XRP）嘅討論，正正相似。如果Ripple真係一日落實大燒手持XRP，就等於套用Stellar招數——大幅減供應，重塑市場格局。即使而家淨係傳聞都已經令XRP社群部份人振奮，足證大規模燒幣已收獲咗「扭轉信心」嘅公式地位。

Beyond these, numerous other projects have used burns: from exchange tokens like FTX’s FTT (before FTX’s collapse) to meme coins like Shiba Inu, and even algorithmic stablecoins that burn tokens to maintain pegs.

→ 除此之外，都有好多項目用過燒幣：由FTX（出事前）嘅FTT、柴犬呢啲meme幣，到啲用燒幣維持價格掛鉤嘅算法穩定幣都有。The growing adoption of coin burns industry-wide underscores their importance in shaping the future of digital assets. Projects are no longer leaving token supply entirely to algorithmic inflation schedules or mining rates; many are actively intervening to manage supply, much as central banks manage money supply – albeit with transparent on-chain execution rather than closed-door meetings. Ripple’s coin burn can thus be seen as part of this maturation of the crypto market, where supply management is a norm.

隨住成個行業越嚟越多用到銷毀代幣（coin burn）機制，顯示呢個做法喺塑造數字資產未來方面好重要。現時好多項目都唔再只係完全依靠自動算法嘅通脹計劃或者挖礦速度去控制供應；而係會主動出手，管理代幣供應，有啲似中央銀行點管理貨幣供應咁——雖然就係用區塊鏈上透明嘅執行機制，而唔係關門開會。Ripple推行銷毀代幣，亦可以睇成係加密貨幣市場成熟化嘅一個標誌，而「供應管理」已經變成常態。

For Ripple, implementing and promoting the XRP burn is also about staying competitive and relevant. The crypto market in 2025 is crowded. Newer smart contract platforms, layer-2 solutions, and a myriad of tokens are vying for investor attention. Many of these newer entrants boast deflationary tokenomics from day one. By contrast, XRP is a veteran from 2012 – to some, it might have appeared outdated or “inflationary” (given Ripple’s routine token releases). The burn narrative refreshes XRP’s image. It puts XRP in the same conversation as Ethereum’s post-EIP1559 model or BNB’s burn-and-build model, rather than leaving it stuck with a reputation from the 2017 ICO era when large premine supplies were viewed skeptically. In short, Ripple is ensuring XRP’s economic design keeps up with the times, potentially making it more palatable to modern crypto portfolios.

對Ripple嚟講，推行同宣傳XRP銷毀（burn）都係要保持市場競爭力同時代感。去到2025年，加密貨幣市場已經好擠迫，日日都有新既智能合約平台、Layer-2解決方案，仲有一大堆新幣吸引投資者目光。好多新項目由Day 1已經聲稱自己係通縮型代幣經濟。相比之下，XRP作為2012年既「老兵」，有啲人可能會覺得佢過時或者“通脹”，尤其考慮到Ripple一直會定期釋出新代幣。今次嘅「銷毀」敘事幫XRP換左新形象，可以同Ethereum搞完EIP1559之後個模式、或者BNB「燃燒—建設」模式齊齊講，而唔會再被黐返2017年ICO時期啲「預挖大供應」負面標籤。簡單啲講，Ripple係確保XRP經濟設計keep住追得上市場潮流，令佢更啱現代加密投資組合。

Lastly, Ripple’s coin burn initiative may have an influence beyond just its own token. If successful – meaning if it demonstrably strengthens XRP’s market performance and adoption – it could inspire other fintech and blockchain projects to consider similar supply optimizations. Already, we see central banks exploring digital currencies with controlled supplies, and corporate-backed tokens thinking about buyback-and-burn strategies. Ripple’s prominent position in the fintech world (given its partnerships with banks and payment providers) means its strategies are closely observed. A successful case of using coin burns to achieve both network efficiency and investor goodwill could serve as a case study for others in the crypto industry. In this way, XRP’s burn could be a game-changer not just for investors, but for industry norms – reinforcing the idea that active supply management is a key component of a sustainable crypto ecosystem.

最後，Ripple啲銷毀代幣舉措，影響可能唔止XRP本身。如果成事——即係真係有證可見提升XRP市場表現同採用度——咁就有可能鼓勵其他金融科技或者區塊鏈項目都考慮用類似方式優化供應。其實而家都有央行開始研究帶限額數字貨幣，公司背景支持嘅代幣都諗緊回購加銷毀策略。Ripple因為同銀行、支付機構有密切合作，所以佢喺金融科技行業地位都幾高，佢啲行動好多人留意。如果Ripple真係做到靠銷毀代幣同時提升網絡效率同投資者信心，咁呢個案例有機會畀成個行業參考。咁樣黎睇，XRP銷毀代幣可以成為唔只投資者、甚至成個行業規範嘅game-changer——再一次強調，主動管理供應其實係長遠可持續加密生態重要一環。

Investor Impact: How Could XRP Burns Affect Value?

對投資者嘅影響：XRP銷毀會點影響價值？

For crypto investors – from seasoned traders to young enthusiasts just building their portfolios – the crux of the matter is how XRP’s coin burn might affect the value of their investment. The burning of XRP tokens carries a few clear implications for investors, but it also comes with caveats and uncertainties:

對加密貨幣投資者（無論老手定剛剛起步嘅新手）嚟講，大家最關心嘅，都係XRP銷毀代幣會點樣影響自己投資部位價值。銷毀XRP對投資者有啲好直接影響，但同時都有風險同不確定性要留意：

Scarcity and Price Appreciation: All else being equal, reducing the supply of an asset while demand holds steady or rises tends to put upward pressure on its price. This fundamental principle is at the heart of why investors pay attention to coin burns. In XRP’s case, as supply gradually decreases, each remaining token represents a slightly larger share of the total pie of XRP’s utility (whether that utility is powering transfers, acting as bridge liquidity, etc.). If the market believes XRP’s utility and demand will grow (due to Ripple’s expanding projects and greater mainstream acceptance of crypto), then a shrinking supply amplifies the price effect of that growing demand. An XRP holder might view the coin burn as a tailwind for the token’s value – a structural feature that could make XRP more scarce and thus more valuable over a long horizon. Especially for long-term holders, knowing that the supply is moving in their favor (downward) can be reassuring. Unlike a stock that might issue new shares or a currency that can be printed, XRP is ensuring there is no unchecked inflation; on the contrary, there’s a slow deflationary drip. Some proponents even argue that if Ripple were to execute a large one-time burn (for instance, of escrowed XRP), the price could appreciate significantly in anticipation, as the market quickly prices in the sharp supply drop. In theory, if billions of XRP were suddenly removed from future circulation, models of XRP’s valuation would need to be recalibrated, potentially to the upside, since each remaining token’s share of the network’s utility would increase.

稀缺性同價格升值：理論上，如果供應減少，但需求保持不變或上升，資產價格一般會受壓向上。呢個係投資者咁關注銷毀代幣既基本道理。以XRP為例，當供應慢慢減少，剩返嚟嘅每顆XRP其實代表咗全體XRP效用（無論係跨境轉帳、做流動性橋樑等）既大啲份額。如果大家覺得XRP未來用處會增長（因為Ripple有新項目，或者加密貨幣被社會廣泛接受），供應一路減少，就會放大呢部份需求對價格推動力。對XRP長線持有人嚟講，銷毀代幣就好似有順風車湧緊嚟，令XRP更稀罕，更值錢。特別係長線投資者，知道供應一路向下，係幾安樂；同股票可以增發新股，或者法幣想印幾多都得唔同，XRP確保唔會無限制「通脹」，仲相反有慢慢「通縮」成份。有啲支持者甚至覺得，如果Ripple突然做一次性大規模銷毀（例如燒晒部分托管XRP），市場可能即時反映新供應，帶動更大價格升幅。理論上，如果一次過燒走幾十億XRP，估值模型就要重新計，因為餘下代幣喺網絡效用佔比大咗，升值空間自然大。

Market Confidence and Holding Incentives: Beyond the mechanical supply reduction, coin burns can influence the psychology of investors. When a project commits to burning tokens, it’s often interpreted as a sign of confidence by the team – they’re signaling that they prioritize long-term value over short-term access to those tokens. For XRP, persistent community concerns have been that Ripple might dump its holdings or that the market is flooded with too many tokens. The burn narrative helps counter those fears, possibly boosting overall market confidence in XRP. Investors who were on the fence about XRP due to its large supply might take a second look, seeing that Ripple is addressing the issue. Moreover, a coin burn incentivizes holding: if you know the total supply is decreasing, selling early might mean you miss out on gains as scarcity increases. This dynamic has been observed with tokens like BNB – some investors hold BNB partly because they know Binance’s continual burns will eat up supply and potentially bolster the price floor over time. For XRP, a young investor might reason that with each passing month, there will be a bit less XRP around (through network burns, etc.), so holding onto their stack could pay off in a few years when supply is lower and usage is higher. It’s a narrative that can encourage a “HODL” mentality, which in itself can reduce selling pressure in the market.

市場信心與持有誘因：除咗純供應減少，銷毀代幣其實會影響投資者心理。當項目主動揀住銷毀代幣，往往俾人感覺團隊對項目有信心，願意犧牲短期利益追求長遠價值。XRP 社群成日擔心 Ripple會“砸盤”或市場有太多XRP，銷毀故事有助消除呢類疑慮，提高整體市場對XRP信心。原本覺得供應太大唔敢入手嘅人，見到Ripple都正視問題，可能會重新考慮買入。同時，銷毀代幣亦鼓勵人「鎖住」唔賣：大家一知總供應一路跌，愈早賣就愈易錯過日後稀缺升值。例如BNB，唔少人鍾意長持都係因為幣安會定期銷毀BNB，令供應逐漸收緊，某程度加強底價。XRP「新手」可能會認為，每個月經過，網絡銷毀令流通XRP又少啲，捱多幾年持貨就會見到供應更少、用途更大，回報機會高咗，形成一種「HODL」思維，本身已可減低市場賣壓。

Short-Term vs Long-Term Effects: It’s important for investors to distinguish between immediate and gradual effects. In the short term, the actual amount of XRP being burned daily is very small, so don’t expect a sudden supply shock or a big price spike purely from the routine fee burns. For example, even hitting the milestone of 14 million XRP burned over many years did not instantly move XRP’s price; U.Today noted that while the burn milestone underscores XRP’s active usage, the price hadn’t “responded in a major way” at that time. Short-term XRP price movements are still dominated by factors like overall crypto market sentiment, news (e.g., legal developments, partnerships), and broader economic trends. A coin burn can sometimes catalyze a short-term rally if it’s unexpected or significantly beyond what the market anticipated. For instance, an announcement of a one-time mega-burn by Ripple could create a buzz and speculative jump in price. But the routine burning built into transactions is a known factor, thus largely baked into market expectations. The real significance of XRP’s burn is likely to be long-term and cumulative. Over a span of years, if XRP’s circulating supply drops by a noticeable percentage and adoption simultaneously rises, investors could see the effects in a stronger and more stable price for XRP. Think of it as a slow tightening of supply that could make the difference in the next bull run – when demand surges, there will be fewer XRP around to soak up that demand, so prices could climb faster than they would have without the burn.

短線vs長線作用：投資者要分清即時同慢慢發生嘅影響。短線嚟講，XRP每日燒掉數量好細，所以唔好期望因為常規手續費銷毀會即刻有供應大震盪或者大升浪。例如，過去好多年總共燒咗1400萬XRP，價錢都無即刻郁動；U.Today都指出到達燒毀里程碑主要係反映XRP活躍應用，但嗰陣時價錢其實無乜點反應。短期XRP價格仍然主要由大市情緒、新聞（例如官司、合作）同整體經濟走勢主導。偶然，如果某次銷毀係市場無預到或者規模特別大，可能會引發短線炒作升市。例如Ripple突然宣佈一次性超級銷毀，好易爆起關注同刺激價位抽升。但日常交易附帶銷毀已經係市場預期範圍，所以唔會有額外催化劑。其實XRP銷毀嘅真正價值可能要長年累月發揮作用——如果流通量真係跌咗唔少，而同期用家接納度又升，持有人應該會見到XRP價格愈來愈穩同硬正。諗下未來升市時，需求暴升，但供應俾過往燒咗大截，咁價格就可能會飆得快過冇銷毀机制个時。

Potential for Value Realignment: Some investors speculate that if Ripple’s burn strategy is aggressive (for example, if talk of burning escrow ever becomes reality), it could re-rate XRP’s valuation in the market. Today, XRP’s market capitalization accounts for all tokens in circulation (plus often the escrow is mentally factored in by investors even if not circulating). If, say, 10 or 20 billion XRP were eliminated, the market cap at a given price would drop accordingly, possibly making XRP look “undervalued” relative to its network activity. This could attract new investors or algorithmic traders who see a mismatch between a leaner supply and XRP’s utility. Price forecasts from analysts have started to take such scenarios into account. In fact, some forward-looking analyses paint bullish pictures for XRP partially on the assumption of controlled supply and increased utility. For instance, one report by crypto asset manager Bitwise in early 2025 laid out scenarios for XRP through 2030: in a bull case, they projected XRP could reach nearly $4–$6 by 2025 and potentially around $12 by 2030, factoring in widespread adoption (including Ripple’s stablecoin use) and continued favorable developments. In their most optimistic scenario, XRP’s price even stretched to around $10 by 2025 and up to $29 by 2030 if it became a cornerstone of global payments with significant institutional uptake. Notably, these scenarios assume strong demand drivers, but the implication is that with finite or decreasing supply, such demand could translate to those higher prices. On the flip side, Bitwise’s bearish scenario had XRP languishing around $1.50 or lower for years – a reminder that if adoption disappoints or broader conditions sour, a coin burn alone won’t send XRP to the moon. Still, the fact that major analysts are discussing multi-dollar and even double-digit dollar outcomes for XRP shows that the market’s imagination has been rekindled, in part due to the new narrative elements like coin burns, legal clarity, and ecosystem expansion. Investors weighing XRP now are doing so with knowledge of these potential catalysts.

價值重估潛力：有啲人甚至諗，如果Ripple銷毀政策夠激進（例如真係燒埋啲托管XRP），就有機會令XRP喺市場重新定價。而家計市值就係流通量咁計，但唔少投資者心理會將托管XRP都預計咗落去。如果一日燒走一、二百億XRP，市值會即時按比例縮水，睇落同實際網絡活動比可能會「偏低估」。呢啲就好吸引鍾意搵錯價啲投資者或者程式交易專家。其實分折師預測時都已將呢類因素考慮埋。例如Bitwise早2025 報告，已經設想XRP 2030幾個走勢：最牛情況，XRP 2025或升至4到6蚊，2030更可能上到12蚊，假設全球廣泛採用、Ripple穩定幣都好work；最勁scenario下，更可以望十蚊（2025）同29蚊（2030），如果有大量機構資金進駐將佢推上支付龍頭。不過呢啲預測全都係基於需求強勁+供應受控。如果最差情況，Bitwise都話XRP有可能長期企係$1.5蚊樓下——即係提醒大家，單靠銷毀冇出現爆炸性應用其實唔會令XRP飛天。即便如此，咁多主流機構分析肯認真講XRP三、五蚊甚至雙位數，說明市場對XRP想像力比之前強咗，都係因為有銷毀呢啲新故事、法律明朗化同生態擴大作為催化劑。依家考慮入XRP嘅投資者，都已經充分留意埋呢啲可能改變未來嘅因素。

Volatility and Trading Dynamics: It’s also worth mentioning how XRP’s burn might affect trading behavior and volatility. Crypto markets are often driven by narratives and news. If Ripple’s coin burn strategy is heavily publicized (as it has been recently), trading forums and social media may buzz with expectations of XRP becoming more scarce. This can create self-fulfilling momentum in the short term – traders might buy XRP expecting others to buy in anticipation of scarcity, thus pushing the price up short-term. However, hype can cut both

波動性與交易動態：值得一提XRP銷毀機制對市場波動同交易心態既影響。加密市場本身就好受故事同消息主導，如果Ripple大鑼大鼓宣傳銷毀策略，論壇同社交媒體好容易炒起「XRP會愈嚟愈稀罕」預期。咁有機會催生短期積極氣氛——炒家可能為咗未來會更罕見而早著先鞭，令價格短線被炒高。不過，炒作升溫亦可以...ways: if expectations overshoot reality, there could be sharp corrections. For example, if some retail investors erroneously think Ripple burning tokens will immediately halve the supply (which is not the case unless a special burn is announced), they might FOMO in, and when they realize the burn rate is slow, they could sell, causing swings. So, one might see spikes in volatility around any burn-related announcements or milestones. Case in point: when community discussions about potentially burning Ripple’s escrow gained traction on social media in late 2023, XRP saw an uptick as some speculators tried to front-run a possible decision – nothing concrete happened immediately, and prices normalized, but it illustrated how burn rumors alone can inject volatility.

轉化方式：如果市場預期過高但現實未能配合，往往會出現大幅調整。例如，有些散戶錯誤以為Ripple燒毀代幣會即時把供應量減半（事實並非如此，除非官方公佈特別燒毀），他們可能會因FOMO心態衝入市場，當發現燒毀速度其實很慢時，又會選擇沽貨，引致價格波動。所以，只要有關燒毀的消息或重大里程碑，都可能見到波動性飆升。舉個例子：2023年底，社群於社交媒體熱烈討論可能燒毀Ripple託管中的XRP時，XRP價格曾一度上升，因為有投機者試圖搶先入市預期決定落實——但最終實際上並無即時舉措，價格回復正常，這就說明單憑燒毀謠言，都足以帶來波幅。

For long-term investors, the advice is to avoid getting swept up by short-term burn hype and focus on the fundamental trajectory: Is XRP’s network usage growing? Is Ripple effectively managing supply without harming utility? If those remain positive, then the coin burn is a tailwind reinforcing the investment thesis. If, however, network demand falters, a coin burn won’t save the day by itself. Remember that value in crypto ultimately stems from utility and demand – a dwindling supply of a token nobody wants to use has little impact. Fortunately for XRP holders, demand signals have been looking better lately: active addresses are up, large holders (whales) have been accumulating, and institutional interest is growing post-SEC clarity. These trends combined with a deflationary supply could create a favorable supply-demand mix.

對長線投資者來說，建議是不要被短期燒毀熱潮沖昏頭腦，應專注於基本面：XRP網絡的使用率有否增長？Ripple有否妥善管理供應，而不損害實用性？如果這些因素仍然正面，燒毀機制只會加強投資理據。但如果網絡需求減弱，單靠燒毀都無補於事。要記住，加密資產的價值最終取決於實用性及需求——一個供應越來越少但無人想用的代幣，對價格沒有實質幫助。好消息是，對XRP持有人來說，需求信號近來有所改善：活躍地址增多，大戶（鯨魚）有累積資本，且美國SEC釋除部分不明朗因素後，機構參與度亦有上升。這些趨勢結合通縮性供應，有機會形成一個有利的供求格局。

Caution – Not a Cure-All: Seasoned investors will also point out the cautionary tales. Some projects have touted burns in an almost gimmicky fashion to prop up prices temporarily. If a burn is done without genuine need or to mask other issues, the market often sees through it. Ripple appears to be using the coin burn as one component of a broader, fundamentally driven plan (not as a standalone gimmick), but investors should still keep a critical eye. For instance, regulatory changes or macroeconomic events can swamp any benefits of a coin burn. If global crypto markets enter a downturn or if XRP faces new legal hurdles in certain countries, its price could decline regardless of ongoing burns. Additionally, large token holders (including Ripple itself) still have considerable influence – a coin burn doesn’t prevent Ripple or other big holders from selling tokens in the future if they choose, which could offset the reduction effects. So, investors should view the burn as a positive factor, but not the sole determinant of XRP’s fate.

要小心——燒毀唔係萬能丹：有經驗的投資者都會指出一些警惕例子。有項目曾經將燒毀包裝成花招，短暫拉高價格。如果燒毀根本無實際需要，甚至只是為了掩飾其他問題，市場通常很快會識穿。Ripple現時看來，將燒毀作為整體長遠策略其中一環（而非單獨的噱頭），但投資者仍要保持批判性。例如，監管改變或者宏觀經濟事件，隨時可以壓過燒毀帶來的好處。如果全球加密市場下行，或者XRP在某些國家遇到新規管挑戰，即使持續有燒毀，價格都有可能下跌。另外，大戶持有人（包括Ripple自己）依然影響力巨大——燒毀亦阻止唔到Ripple或者大戶日後減持，或會抵消部分減供效應。所以，投資者應視燒毀為一個正面因素，但唔好當係決定命運的唯一關鍵。

In conclusion, for investors, XRP’s coin burn presents an intriguing scenario: a major altcoin with a long history is taking steps to renew its economic model in line with modern crypto trends. If you’re holding XRP or considering it, the burn mechanism is generally a shareholder-friendly feature that could enhance value over time, provided the network’s usage and adoption narrative holds strong. It aligns the interests of the network (reducing spam, improving efficiency) with those of the investors (increasing scarcity). That alignment is often a recipe for long-term success in crypto projects. Yet, it’s wise to temper expectations and track real data: monitor how much XRP is actually being burned over quarters and years relative to the total supply, and watch Ripple’s moves regarding escrow and new token releases. These will give clues as to how aggressively supply is being reined in. For now, XRP’s burn has put the asset firmly back on the radar of many investors as a token to watch in the evolving crypto landscape.

總結來說，對投資者而言，XRP今次燒毀帶來一個值得關注的情景：一隻歷史悠久的主流山寨幣，正與時並進調整經濟模型。如你已持有或有意考慮XRP，燒毀機制通常屬於對持有人有利的設計，長遠上有機會提升價值，前提是網絡使用量和採納故事保持強勁。它將網絡利益（減少垃圾交易、提升效率）與投資者利益（提升稀缺性）掛鈎。這種利害一致，在加密項目長遠來說往往有助成功。不過，理智地說，大家都應調整預期及關注實際數據——例如，留意每季及每年實際有多少XRP被燒毀，相比總供應怎樣，以及觀察Ripple在託管與新發行方面的動向，這些都暗示供應收緊的力度。現時來說，XRP燒毀已令這資產重回不少投資者視線，成為加密市場新形勢下的焦點代幣。

Community Debate: To Burn or Not to Burn?

Within the XRP community itself, the topic of coin burning – especially the notion of a large-scale burn of Ripple’s escrowed XRP – has become a hotly debated issue. Not all stakeholders are unanimously cheering on token burns; there’s a spectrum of opinions and some thoughtful reservations. Understanding this debate provides a more nuanced picture of the implications of an XRP burn.

喺XRP社群內部，有關燒毀代幣——尤其是大規模銷毀Ripple託管XRP——成為極具爭議性話題。並唔係所有持份者都一片叫好，意見光譜涵蓋咗由強烈支持、到思想縝密的保留。理解這場辯論，能讓人更全面掌握燒毀XRP的潛在影響。

On one end of the spectrum are the enthusiasts who ardently support burning a significant portion of XRP’s supply, even if it means overriding Ripple’s own holdings. These community members often cite the immediate benefit of a price surge and the perception boost from drastically increasing scarcity. They look at examples like Stellar’s 55 billion burn or Binance’s ongoing burns and see a formula for driving up value. Some have floated proposals for the XRP Ledger’s validators to vote on an amendment that would effectively force the burning of Ripple’s escrow funds – a kind of decentralized decision to eliminate those tokens for the greater good of the network. In late 2020, a hypothetical question about this scenario on social media prompted a revealing response from Ripple’s David Schwartz. When asked if the XRP community and validators could band together to agree on burning the ~50 billion XRP in Ripple’s escrow, Schwartz acknowledged that such a scenario is possible if the network consensus votes for it: “There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.”. This statement was a bit of a bombshell – hearing Ripple’s own CTO concede that, ultimately, the community could torch Ripple’s hefty stash if 80% of validators agreed (that’s the required supermajority for XRPL amendments). For burn advocates, this was vindication that the power lies in the ecosystem’s hands, and it fueled further calls to make it happen. They argue that removing tens of billions of XRP from future circulation would create a supply shock, potentially sending XRP’s price to new highs and ensuring decentralization by removing Ripple’s dominant stake.

在光譜一端，是一班熱血支持大規模燒毀XRP供應的人，即使要越過Ripple自身持有部分都不介意。佢哋經常強調，極速提升稀缺性會即時推高價格及市場信心，又會以另一隻幣Stellar曾燒毀五百五十億枚、或Binance不斷回購燒毀作例子，看作提升價值的方程式。有部分人甚至建議，由XRP Ledger的驗證者投票通過修訂，強制燒毀Ripple託管基金——係一種去中心化集體決定，為網絡大局剔除這批代幣。2020年尾，社交媒體假設類似情境，有人直接問Ripple的David Schwartz，如果XRP社群與驗證者一同同意，燒毀託管的約五百億XRP會怎樣，Schwartz公開承認：如果網絡共識投票通過，技術上有可能：「Ripple屆時無能為力。公有區塊鏈好民主，如果多數人要改規則，少數人根本阻止唔到。」這番說話震撼一時——Ripple CTO親口承認，最終權力在社群，只要8成（即修訂門檻所需超級多數）驗證者同意，社群可以焚毀Ripple的巨額存貨。對催燒派來說，這是一種勝利，證明權力握在生態手中，亦令更多人支持落實；他們主張，將數百億XRP移出流通，會造成供應震盪，價格有機會創新高，同時消除Ripple主導，有助網絡去中心化。

On the other end of the spectrum, however, are community members urging caution or outright opposing such burns, often on principled or practical grounds. One respected voice in the XRP community, Kristin Dack, has articulated a concern that resonates with many cautious holders: each XRP token is someone’s property, and burning tokens unilaterally could set a dangerous precedent. In Dack’s view, the XRP held in Ripple’s escrow still “belongs” to someone (in this case, Ripple and by extension its shareholders or the ecosystem funding plans). If the community can vote to seize and destroy someone else’s assets, what’s to stop the code from one day being turned against any XRP holder’s assets? “If you support a code that allows the community to take and burn someone’s XRP, then you are supporting the ability for the community to decide to take your XRP if they deem it necessary,” Dack argued. This is essentially a property rights argument: that the sanctity of ownership on a blockchain should be inviolable. From this perspective, even Ripple’s escrow – despite being a pre-arranged release mechanism – is not fair game to just confiscate via a vote. It’s a slippery slope concern; burning the escrow might boost price in the short term, but at the cost of breaching a philosophical line that could undermine confidence in the system’s fairness and immutability.

而另一端，則有持審慎甚至明確反對聲音，理由涉及原則或者實際操作。XRP社群中一位備受尊重嘅成員Kristin Dack，就表達咗好多謹慎持有者的隱憂：每個XRP其實都是某個人的財產，單方面燒毀可能開創危險先例。Dack認為，Ripple的託管XRP依然屬於某方（今次即Ripple，以及間接代表其股東或社群發展資金）。如果今日可以投票沒收同燒毀別人資產，將來會唔會有天，一樣以代碼為名奪取任何XRP持有人的資產？「如果你支持一段代碼，可以讓社群認為需要就拿走別人嘅XRP去燒毀，其實就默認同意一旦社群需要，也可以拿走你的XRP。」Dack這個主張，屬於財產權角度：區塊鏈持有權應神聖不可侵犯。由呢個角度睇，即使Ripple託管本身係一種事先安排嘅釋放機制，都唔應該可以隨便由群眾投票沒收。這其實係條「滑坡」，短線燒毀可能推高價格，但會破壞公平、不可改變的信仰，從而動搖外界信任。

There’s also a middle ground of pragmatists in the community. These individuals see both sides – they acknowledge the potential economic upside of a big burn but also recognize the ethical and ecosystem risks. They often suggest alternative solutions: for example, instead of burning the escrow tokens, why not deploy them in ways that directly benefit XRP adoption? Ideas floated include using escrowed XRP to fund strategic partnerships, development grants, or incentive programs that grow the network (essentially putting that XRP to productive use rather than nixing it). This way, the supply might still eventually distribute out, but it would do so in a manner that ideally boosts demand (through increased usage and utility), balancing out the effect. Another suggestion from this camp is that Ripple could slow down or further limit its sales of escrowed XRP, or even lock up tokens for longer periods, achieving a similar scarcity effect without an overt burn. In practice, Ripple has already adopted a more measured approach in recent years: its quarterly reports indicate that the vast majority of XRP released from escrow is being returned to new escrow contracts, and the net new XRP actually entering circulation via Ripple’s sales is relatively low (and only for institutional/OdL use). Some quarters, Ripple has even been a net buyer of XRP. These actions, while not as headline-grabbing as a giant bonfire of coins, subtly address supply concerns and show Ripple’s commitment to a “healthy market” for XRP. The pragmatic voices often commend these steps and argue they might be sufficient without resorting to an irreversible burn.

亦都有一批實用主義者，認同兩邊意見——他們睇到大燒毀的經濟誘因，但都識得注意道德及生態風險。他們往往提出備選方案，例如，不如用託管XRP推動生態發展，而唔係燒毀掉？有意見建議，用託管的XRP資助策略夥伴、發展基金或用作推廣計劃，直接令網絡成長（等於將XRP實際用於有生產力的領域，而唔係釘死佢）。這個方法雖然都會釋放供應，但會結合推動需求（用量、效用上升），等於供應出去時同步帶動需求，平衡效果。另一建議係Ripple可以慢慢減少託管XRP的出售量，或者將封鎖期延長，用間接方式達到相近的稀缺效果，不必一次過銷毀。事實上，Ripple近年已傾向這種穩健做法，季報顯示绝大部分從託管釋放的XRP又再被鎖回新託管合約，真正流通（賣出去）部分極少（且只限於機構客戶或按需流動用途），有時甚至成為XRP的淨買入方。這些動作雖然無效爆新聞，但細水長流有助供應健康，更展現Ripple對健康市場的重視。務實聲音普遍認同這些措施，有機會毋須靠一錘定音的巨額燒毀。

Ripple’s own stance, as gleaned from public comments, is cautiously open-minded but non-committal regarding a large burn. CEO Brad Garlinghouse, when asked, did not rule it out – he said it could be considered if it clearly benefits the XRP ecosystem’s health. That implies Ripple would burn tokens not for a one-time price pop, but if it solved a problem or added value long-term (for example, if having too many XRP in reserve was actually hampering network decentralization or regulatory acceptance, etc.). So far, Ripple hasn’t felt the need to take such a drastic step, but Garlinghouse’s acknowledgment keeps the door ajar. Meanwhile, David Schwartz’s remark about community consensus indicates Ripple would respect the network’s will if an overwhelming majority decided on a burn amendment, even if Ripple itself opposed it – though reaching that 80% consensus would be a monumental task, given Ripple’s influence with many top validators and the potential controversy.

從公開發言看，Ripple自己對大燒毀持謹慎開放但未有明確取態。CEO Brad Garlinghouse曾表示，並不排除這一步——如果有清晰證據顯示對XRP生態健康有利，可以考慮，但唔會為咗短炒或者炒新聞而燒毀。即是話，只有當儲備過多影響去中心化、監管接納等大問題時，燒毀先會真正成為選項。到目前為止，Ripple未見有做這重大動作的需要，但Garlinghouse咁講即係條門仲係半開。而Schwartz談社群共識的說法，就說明Ripple會尊重網絡大多數意願——即使Ripple自己反對，只要有壓倒性80%支持，都會執行修正。當然，要達這個8成共識很困難，特別考慮到Ripple影響不少頂級驗證者，還有對外之間潛在爭議。

It’s also worth noting a practical angle: the escrow system

（未完；如需繼續，請告知！）was initially put in place to provide predictability and market structure. Ripple locking up 55 billion XRP in escrow in 2017 (with timed monthly releases) was intended to reassure investors that Ripple wouldn’t flood the market unpredictably. If now the community were to suddenly void that escrow via burn, it would be an ironic twist – essentially the cure (burning) would undo the previous cure (escrow) for oversupply fears. Some argue that escrow, in a way, is a more measured burn: any XRP that’s locked and never released is as good as burned for the time it’s locked. In fact, Ripple typically only releases a portion and re-locks the rest; over 2018-2023, Ripple often released 1 billion per month but put 800+ million back into new escrows. The escrow amount is gradually decreasing; as of late 2023, roughly 36-40 billion XRP remained in escrow, and at the current pace, it could take around 6 to 10 more years for all those to be released. Some community members prefer to let this process run its course, arguing that over a decade the market can likely absorb the supply as XRP’s utility grows. They caution that an abrupt burn might have unintended consequences, like reducing liquidity too sharply or eliminating a war chest that could have been used to fund expansion of the network.

起初這個安排係為咗帶嚟可預測性同市場結構。Ripple 喺 2017 年將 550 億 XRP 鎖喺托管（以每月定時解鎖）嘅做法，旨喺令投資者安心，保證 Ripple 唔會無定向咁將大量 XRP 倒落市場。如果而家社群突然用銷毀方式取消托管，就有啲諷刺——即係話，原本用嚟處理供應過剩問題嘅「藥」，反而會行返頭。有人會話，托管其實都算係一種較溫和嘅銷毀：鎖住冇釋出嘅 XRP，喺鎖期間等於已經被銷毀。事實上，Ripple 一般只會釋放部分貨幣，剩低嗰啲再重新鎖埋。2018 至 2023 年間，Ripple 經常每個月釋出十億，但又將超過八億鎖返入新托管。托管金額逐步縮少，截至 2023 年尾，大約尚餘 360 至 400 億 XRP 仲鎖緊，照而家速度，可能仲要六至十年先會完全釋放。一啲社群成員寧願順其自然發展，認為十年裡面隨住 XRP 實用性提升，市場應該吸收到呢啲供應。佢哋提醒，突然銷毀可能有預期以外風險，例如流動性急劇減少，或者失去原本可以用嚟發展網絡嘅「軍糧」。

The ethical and philosophical dimensions of the burn debate are quite profound. It forces the community to consider what blockchain governance means: Is it purely token-holder democracy where majority rules no matter what property is at stake, or are there certain checks like respecting contractual agreements (the escrow can be seen as a contract) and individual rights? It’s a microcosm of the broader crypto ethos vs. real-world law debate. Interestingly, if such a community-led burn were attempted, one could imagine legal challenges from Ripple or its shareholders arguing that it’s destruction of corporate assets – a murky territory given the decentralized nature of the network.

圍繞銷毀嘅道德同哲學層面都幾深層，令社群要思考咩叫區塊鏈治理：係咪淨係靠代幣持有人投票，大多數就一定話事，無論涉及咩資產，定係應該設有一啲制衡，如尊重合約協議（托管都可以視作一份合約）同個人權益？呢個討論其實係加密文化同現實法律既縮影。有趣嘅係，如果社群真係主導大規模銷毀，可以想像 Ripple 或股東會提出法律挑戰，指這屬於摧毀公司資產——畢竟網絡本身係去中心化，呢類界線非常模糊。

So, should investors and observers “root for” an XRP burn of the escrow? The answer isn’t black-and-white. A forced burn might spike price, but it could also introduce governance risks. Ripple doing a voluntary burn would likely be more orderly and come with less contention, but it might also reflect that Ripple sees limited need for those tokens (which could be a positive sign, that XRP’s ecosystem is self-sufficient). For now, Ripple seems to prefer a slow burn (literally via fees) over a bonfire. The community remains divided: some see a dramatic burn as the rocket fuel XRP needs to reach new highs, while others prefer the slow and steady route or use of tokens for ecosystem growth.

咁投資者同觀察者應唔應該「支持」將托管嘅 XRP 銷毀呢？答案唔係咁簡單。強行銷毀可能短時間推高價格，但會帶嚟治理風險。如果 Ripple 主動自願銷毀，相信過程會比較有秩序，爭議亦會細啲，但都好可能意味 Ripple 自身覺得唔再需要咁多代幣（而且都有正面訊號，代表 XRP 生態圈已經夠自給自足）。現時 Ripple 似乎鍾意慢慢銷毀（主要靠手續費消耗）多過一次過清袋。社群觀點分歧：一派認為要激進銷毀，先可以作「火箭燃料」升上新高；另一派則提倡緩慢釋放，甚至用剩餘代幣去推動生態圈成長。

What is clear is that XRP’s coin burn discussion shows the project is far from stagnant. Even after a decade, the stakeholders are actively deliberating how to adapt tokenomics for the future. That in itself is healthy; it means XRP’s fate isn’t just being left to inertia but is being actively shaped by its community and stewards. As one observer aptly noted, the path to a brighter future for XRP lies not only in lofty price aspirations but also in “thoughtful deliberation of the ethical and philosophical consequences of drastic measures” like large-scale burns. This debate ensures that if and when a significant burn occurs, it will have been carefully considered from multiple angles.

最明確嘅地方，就係圍繞 XRP 嘅銷毀幣量討論，證明項目根本唔停滯不前。經過十年，各方利益者仍然積極思考點樣調整未來嘅代幣經濟。呢個過程本身就好健康，代表 XRP 嘅前路唔係淨係靠慣性，而係由社群同管理人主動塑造。有觀察者講得好：「XRP 能夠見到更光明前景，不單止靠追求高價，仲要深入討論這類激進措施背後的道德同哲學影響。」呢場爭論可以確保如果真係有大規模銷毀，都會係經過多方面審慎考慮下先發生。

What Investors Should Watch For

根據 Ripple 未來推行（或繼續）銷毀政策同埋 XRP 生態圈發展，未來幾個月同幾年內，XRP 投資者應該要留意幾個重要因素。呢啲會左右 XRP 銷毀結果，究竟會唔會成為樂觀派所講嘅game-changer，定只係複雜市場方程式中微小優化而已：

• Rate of XRP Burning: First and foremost, track how much XRP is actually being burned over time. Ripple’s moves have put a spotlight on the burn, but it will be the data that tells the story. Websites like XRPScan and others provide up-to-date counts of total XRP burned. As of mid-2025, ~14 million XRP were burned in total. Is this number growing faster now than in previous years? If network usage surges (due to new Ripple partnerships, expansion of use cases like NFTs or stablecoins on XRPL, etc.), we should see an uptick in the burn rate. While the percentages will still be small, an acceleration from, say, 5 million XRP burned per year to 10+ million per year would indicate significantly higher network activity. Investors should correlate these figures with price and market cap to gauge if the burn is beginning to have a material impact. Essentially, higher on-chain activity = more XRP burned = stronger deflationary pressure. If activity were to stagnate or drop, the burn argument weakens accordingly.

• 銷毀率：最重要係長期追蹤實際銷毀咗幾多 XRP。Ripple 講咗咁耐，實際數據先最有用。類似 XRPScan 亦會實時更新總銷毀量。截至 2025 年中，總共大約銷毀咗 1,400 萬個 XRP。依家嘅增長速度係咪比之前快咗？如果網絡用量急升（例如 Ripple 新合作夥伴、NFT、穩定幣應用多咗等），消耗速率理應加快。雖然比例仍然唔大，但例如由每年 500 萬升到 1,000 萬以上，已經反映鏈上活動明顯增加。投資者應該將這些數據對比價格同市值，判斷銷毀已否對市場產生真正影響。本質上，鏈上活動愈高，銷毀愈多，通縮壓力愈大。相反，活躍度停滯或下跌，銷毀論據都會削弱。

• Ripple’s Escrow and Sales Policy: Keep a close watch on Ripple’s quarterly reports and announcements regarding the escrowed XRP. Any hints of Ripple changing its escrow strategy can be market-moving. For instance, if Ripple decided to extend the escrow (delay releases) or retire a portion of it (which would effectively be a burn without calling it such), that would be bullish for scarcity. Already, Ripple’s reports in late 2023 and 2024 showed them selling XRP in a controlled manner primarily to support On-Demand Liquidity (ODL) transactions, and often buying on the secondary market to do so. If future reports show that Ripple is consistently a net buyer or that they are putting more XRP back into escrow than releasing, it signals a de facto tightening of supply. Conversely, if Ripple were to ramp up sales or if a large chunk of escrow starts hitting the market (for example, if XRP’s price spikes, Ripple might be tempted to sell some into that strength to raise funds), that could counteract the burn’s effects. Investors should also watch for any explicit statements from Ripple about burning escrow. While there’s no guarantee they’d pre-announce such a decision (they might just do it), any public discussion by Ripple’s leadership on this matter is significant. The day Brad Garlinghouse or David Schwartz says “We have decided to eliminate X billion XRP from escrow” would be a major inflection point.

• Ripple 托管及出售政策：留意 Ripple 各季度報告及有關托管 XRP 嘅公告。任何托管策略嘅微妙變化都會影響市場。例如，如果 Ripple 决定延長托管（延遲釋放）或者將部分提前註銷（等於實質銷毀，但唔叫銷毀），對稀缺性嚟講屬於利好消息。事實上，2023 年底至 2024 年報告已見 Ripple 有系統咁賣出 XRP，主要用作支持 ODL 交易，同時又係二級市場買返貨。將來如果發現 Ripple 長期做淨買家、或者托管歸還量多於釋放量，等於實際收緊供應。反之，如果 Ripple 加快賣貨或者有大量托管貨一齊湧市（例如價格突然抽升，Ripple 可能乘時拋售融資），就會抵消銷毀影響。投資者亦要留意 Ripple 有冇明言計劃註銷托管幣。雖然未必會事前宣布，但一旦高層（如 Brad Garlinghouse 或 David Schwartz）出嚟講「我哋決定銷毀 X 億 XRP 托管幣」，便屬明顯分水嶺。

• Network Utility and Adoption Indicators: The coin burn makes XRP more interesting, but it won’t fulfill its promise without robust demand. Therefore, investors should monitor XRP’s real-world traction. Are more banks and payment providers using XRP for cross-border settlements (via ODL)? Is the volume transacted through RippleNet and XRPL growing? Are new applications (like the XRPL AMM, decentralized exchanges, NFT marketplaces, or the upcoming stablecoin RLUSD) gaining users? One encouraging sign reported was that for the first time in XRP’s 12-year history, the number of large holders (whales holding at least 1 million XRP) exceeded 2,700 addresses, and active address counts exploded in early 2025. This suggests increased interest and participation. If these trends continue – more whales, more daily users, more integrations – it bodes very well, because the coin burn will be happening on a higher base of activity. On the flip side, any stagnation in growth or decline in usage (perhaps due to competition or tech limitations) would dampen the narrative. Key metrics to watch include daily transaction counts on XRPL, XRP’s total volume (on-chain and on exchanges), growth in accounts/wallets, and ODL volumes which Ripple occasionally publishes.

• 網絡實用性及採用指標：銷毀機制雖然令 XRP 變得吸引，但冇實際需求都無用。投資者應該睇住 XRP 實際用途：有冇更多銀行、支付供應商用 XRP 跨境（ODL）？RippleNet、XRPL 成交量有冇持續增長？新應用（如 XRPL AMM、去中心化交易、NFT 平台、將推出的 RLUSD 穩定幣等）有冇吸納多啲用戶？其中一個鼓舞消息係，XRP 12 年來第一次出現大戶（持有至少 100 萬 XRP）超過 2,700 個錢包，活躍地址亦喺 2025 年初激增。呢啲都意味市場活力提升。如果趨勢繼續（大戶增、多咗日常用家、新集成愈嚟愈多），再推動下銷毀就更具效力。相反，如果增長停滯或使用量下跌（例如受競爭或技術障礙拖累），故事就冇咁吸引。重要數據包括 XRPL 每日交易數、XRP 總成交量（鏈上/交易所）、用戶/錢包總數增長、以及不時公開的 ODL 規模。

• Market Sentiment & Regulatory Developments: XRP’s journey cannot be separated from the broader context of crypto market sentiment and regulation. Investors should watch macro trends: Are we in a crypto bull market where all assets are inflating in price? If yes, XRP’s burn could act as a multiplier during bullish waves. Are we in a bear market? If so, deflationary tokens sometimes fare a bit better than inflationary ones, but they can still decline if overall sentiment is negative. Regulatory clarity is another huge factor. Ripple scored a partial win in 2023 when a U.S. court ruled that XRP is not a security in secondary market sales, giving XRP a boost. If further regulatory clarity emerges – e.g., other countries affirming XRP’s utility or the U.S. fully resolving the case with Ripple – it could unleash new demand (like relistings on exchanges that had delisted XRP). An ETF or other institutional product featuring XRP (even just speculation of one) could be massive. But any adverse developments, like an appeal turning sour or new restrictions, could hurt demand. Investors should be ready to parse how those developments intersect with the burn. For example, if an XRP ETF led to a surge of investment, the burn would make that surge more impactful on price than it otherwise would be, because supply isn’t expanding to meet the demand. Conversely, if regulatory issues cut off a segment of market access, even a coin burn might not compensate for the lost demand.

• 市場情緒及監管動態：XRP 發展離唔開宏觀加密市場氣氛同監管因素。投資者要留意盤口：如果正處於牛市熱炒，咁 XRP 銷毀可以幫到上行倍增。熊市方面，通縮幣有時表現會好過通脹幣，但大市氣氛差始終都會回落。監管清晰度都係大因素。Ripple 2023 年喺美國取得部分勝利，法庭裁定 XRP 二級市場買賣唔屬於證券，XRP 股價即時受惠。如果有更多國家確認 XRP 用途，或美國最終同 Ripple 完全和解，將會釋放新一波需求（例如被下架交易所重新上架）。如果有 ETF 或其他機構產品加入 XRP（即使只係猜測），影響都可以好大。相反，監管轉壞或有新限制，都會打擊需求。投資者要識得點樣將各種監管動態同銷毀效應交叉判斷。例如，ETF 推出引起投資熱潮，由於供應未增加，銷毀會將這些需求對價格影響進一步放大。反過來，若監管切斷部分市場渠道，單靠銷毀都未必補到需求缺口。

• Competitive Landscape: XRP does not exist in a vacuum. Competing payment or liquidity tokens (Stellar, various stablecoins, emerging central bank digital currencies, etc.) can affect XRP’s adoption. If, say, banks heavily favor a USD stablecoin for cross-border flows instead of XRP, then XRP’s demand might not meet expectations regardless of supply shrinkage. However, Ripple is attempting to integrate XRP with stablecoins (via RLUSD and bridges), which could actually increase XRP usage as a base layer (because fees are paid in XRP). Keep an eye on how XRP positions itself against or alongside these alternatives. The coin burn might give XRP a talking point (“unlike stablecoins that can inflate supply as needed, XRP is deflationary and finite”), which could be an edge if marketed well. Additionally, note how newer blockchain tech (faster, more scalable chains) progress. XRP has the advantage of a decade of history and Ripple’s relationships, but it competes with evolving tech. If XRP’s ledger

• 競爭環境：XRP 唔係獨市。有其他支付或流動性代幣（如 Stellar、各類穩定幣、新興央行數碼貨幣等）都會影響 XRP 採用。如果銀行大規模偏向用 USD 穩定幣進行跨境，而唔係 XRP，即使供應銳減，需求都可能追唔上。不過 Ripple 積極將 XRP 結合穩定幣（例如 RLUSD 同跨鏈橋），反而有機會成為底層支付貨（因為手續費都係用 XRP）。要留意 XRP 對比各種替代品怎樣定位同競爭。銷毀機制都可以成為推銷話題（例如：「唔同穩定幣可以無限增發，XRP 係通縮有限」），如果宣傳得好反而有優勢。另外，新一代區塊鏈技術（更快、更可擴展）發展都要睇住。XRP 雖然有十年歷史同 Ripple 商業網絡加持，但對手技術隨時變陣，競爭只會越嚟越激烈。gets major upgrades (for example, more smart contract capabilities or interoperability improvements), that could attract new projects and transactions, feeding the burn. Investors should watch for protocol upgrades or amendments on XRPL that could impact usage/burn – the successful deployment of the AMM feature in 2023/24 is one such example that directly tied into burning.

獲得重大升級（例如，更強大的智能合約功能或互通性改善），這些都有機會吸引新項目及交易，從而進一步推動銷毀機制。投資者應該密切留意XRPL的協議升級或修訂，這些都可能影響使用率及燒毀量——2023/24年成功推行的AMM功能就是一個直接帶動銷毀的例子。

• Price Movements and Key Levels: From a technical perspective, XRP traders will be watching how the market behaves as these fundamentals play out. In early 2025, XRP saw a rapid increase, trading above $2 for the first time since 2018, partly due to positive news and perhaps the narrative shift. Analysts have highlighted certain price levels – for instance, around $2.5 was noted as a resistance in mid-2025. If XRP’s coin burn helps sustain momentum, breaking past such levels could signal a more prolonged rally. Some optimistic projections even eye previous all-time highs (~$3.84 in January 2018) and beyond. Investors should be cautious but mindful: if XRP’s fundamentals (usage + burn) are improving, its price could challenge historical highs, but it will likely do so in waves, with volatility. Watching trading volume and order book depth around those key levels can give clues as to whether long-term holders are accumulating (a bullish sign) or distributing (which could cap rallies).

• 價格走勢與關鍵水平：從技術角度來看，XRP交易員會留意當前基本因素發揮作用時市場的表現。2025年初，XRP錄得迅速上升，自2018年以來首次突破2美元，部分受正面消息及敘事轉變所帶動。分析師指出了一些關鍵價位——例如2025年中大約2.5美元被視為一個阻力位。如果XRP的銷毀機制能持續推動動能，突破這些阻力可能預示更長時間的升浪。一些樂觀預期甚至看向2018年1月的歷史高位（約3.84美元）甚至更高。投資者應該小心但要保持留意：如果XRP的基本面（使用率+燒毀）有所改善，價格有機會挑戰歷史新高，但過程中可能會波動加劇並分階段上升。觀察這些關鍵位的成交量及訂單簿深度，有助了解長線持有者是開始吸納（利好訊號）還是分批沽貨（可能壓住升勢）。

• Ripple’s Execution and Transparency: Finally, track Ripple’s own execution of this strategy. Thus far, the coin burn is largely an emergent property of XRPL and a hypothetical in terms of escrow. If Ripple wants this to be a game-changer, they need to execute on multiple fronts: rolling out RLUSD successfully (so that it generates XRP burns with usage), onboarding more clients to use XRPL, possibly contributing to network infrastructure (like incentivizing validators or XRPL developers) to support growth, and communicating transparently with the community. If Ripple starts a program to buy and burn XRP, or to allocate some profits to tokenomics, it should ideally be reported for trust. One thing investors can do is read Ripple’s quarterly XRP Markets Reports (usually published on their website), which detail XRP sales, purchases, and relevant developments. Those reports will show if Ripple is being conservative or aggressive with supply. For example, if a report shows Ripple reduced its total XRP holdings significantly (outside of known burns), that might imply they’ve effectively removed some from circulation (whether by locking or otherwise).

• Ripple 的執行力與透明度：最後要關注Ripple本身這套策略的執行力。到目前為止，銷毀機制主要屬於XRPL的自發現象，亦有些是關於托管的假設。如果Ripple希望這成為改變遊戲規則的關鍵，他們需多方面部署：成功推出RLUSD（令使用量同步帶動XRP銷毀）、吸引更多客戶用XRPL、甚至投放資源於網絡基建（例如激勵驗證者或XRPL開發者）以支持生態增長，並與社群保持高度透明溝通；假如Ripple啟動購買及銷毀XRP的計劃，或將部分利潤用於代幣經濟，理想上都要公開交代以建立信任。投資者可以做的一件事，是定期閱讀Ripple發布的季度XRP市場報告（通常在官網發佈），裏面清楚列明銷售、購買和主要動向。這些報告可以看出Ripple在供應控制上屬保守還是進取。例如，如有報告指出Ripple顯著減少了持有的XRP數量（非已知的銷毀），就可能意味着他們已實質將部分XRP從流通市場移除（無論用鎖定或其他方法）。

In essence, investors should adopt a holistic view. XRP’s coin burn is one piece of a larger puzzle. Think of it as a new gear in Ripple’s engine. To see how fast the car can go, you have to consider the whole engine and the road conditions, not just that one gear. The burn gear might allow for higher top speed (higher value) by fine-tuning supply, but only if the engine (demand, adoption) revs up, and the road (market environment) is favorable. Watch all these indicators and you’ll be better positioned to judge if XRP’s burn is truly living up to its “game-changer” label or just a nice-to-have feature.

簡單來說，投資者應採取整全視角。XRP的銷毀機制其實只是大拼圖中的一塊，可以想像成Ripple引擎內一個新齒輪。若想知這部車可以跑多快，不只是睇齒輪本身，還要睇整個引擎和路況。調節供應的「燒毀齒輪」有機會讓「極速」提升（即更高價值），但前提是引擎（即需求和應用）全速運行，而道路（市場環境）有利。多角度觀察這些指標，你就更有本事判斷XRP的燒毀機制是否真係「改變遊戲」、還是僅僅一個附加賣點。

Conclusion: A Deflationary Turn for a Dynamic Asset

結論：動態資產迎來通縮轉折

Ripple’s pursuit of an XRP coin burn strategy underlines the dynamic nature of the cryptocurrency industry, where innovation in economics can be just as pivotal as innovation in technology. By weaving a deflationary thread into XRP’s story, Ripple is charting a course that could reshape how the asset is perceived and valued. The coming years will test whether this strategy proves to be a genuine game-changer for XRP and its investors.

Ripple推行XRP銷毀策略，彰顯加密貨幣行業的活力——經濟模式的創新一樣可以與技術創新同樣舉足輕重。將「通縮」這條主線織入XRP故事，Ripple正在鋪劃一條有望重塑XRP觀感和價值的道路。接下來幾年，這套策略能否成為真正的轉捩點，將會接受現實考驗。

On one hand, the fundamentals behind coin burning are sound and time-honored: reducing supply tends to bolster value, and aligning network success with token scarcity is a powerful way to reward those who believe in the platform. XRP’s built-in burn mechanism, once merely a tool to prevent spam, has been elevated into a core feature that showcases XRP as a maturing asset – one with ever-improving tokenomics alongside its well-known speed and efficiency. As the total XRP supply inches downward and usage potentially skyrockets with new applications (like stablecoins, DeFi, and institutional adoption), XRP could hit an inflection point where its market dynamics shift into a higher gear. It’s conceivable that XRP might eventually join the ranks of crypto assets that are deflationary, or at least very low inflation, in contrast to its earlier years of large supply overhang. Should that happen, young investors looking for the “next big thing” might see XRP in a new light – not as the old crypto that was always third fiddle to Bitcoin and Ethereum, but as a rejuvenated contender offering both utility and scarcity-driven upside.

一方面，燒毀機制背後的基本邏輯堅實且具歷史基礎：減少供應通常會提升價值，而將網絡發展與代幣稀缺性掛鈎，能有效獎勵長期看好平台的人。XRP自帶的銷毀功能，以前只是一個防垃圾用途，現在已升級成為證明XRP邁向成熟資產的重要特色——它的代幣經濟學不斷優化，同時保持著廣為人知的速度及效率。隨住總供應逐步下降，加上穩定幣、DeFi、機構應用等新場景推動大幅增長，XRP有機會到達市場動態的新臨界點——可能最終躋身「通縮」甚至極低通脹的主流加密資產之列，與過去供應過剩的大時代劃清界線。如果真出現這景況，尋找「下一個大趨勢」的年輕投資者，或者會重新認識XRP——不再只視作比特幣、以太坊之下的「三號仔」，而是不斷革新、結合實用性和稀缺性潛力的競爭者。

On the other hand, seasoned observers will note that no single factor determines a crypto’s fate. XRP’s coin burn, while significant, will unfold alongside myriad other developments. Market sentiment can ebb and flow; regulatory winds can change direction; competitors will not stand still. A coin burn is not a silver bullet that overrides everything else. Investors who approach XRP now should do so with open eyes and perhaps cautious optimism. The coin burn introduces a constructive bias into XRP’s equation, but success will require Ripple’s continued execution and a supportive macro environment.

另一方面，資深觀察者都知道，加密貨幣未有單一因素可以決定命運。XRP的銷毀固然重要，但會與眾多新發展同時演化。市場氣氛可以反覆波動、監管風向時有變化，競爭者又寸步不讓。單靠「燒毀」不是必勝法寶。投資者現時參與XRP應該保持清醒、帶點審慎樂觀。燒毀固然為XRP方程式增添正面因素，但要取得成功，Ripple持續推進，加上有利大環境，缺一不可。

The conversation around XRP has certainly shifted – from courtroom drama back to technology and strategy. In this narrative shift, XRP’s coin burn stands out as a symbol of Ripple’s commitment to adapt and refine. It signals to the world that Ripple is not content resting on XRP’s early achievements; it is actively steering XRP’s evolution to ensure relevance in a fast-changing crypto landscape. Other projects, even beyond crypto, may take inspiration from this approach. We’re essentially seeing a form of economic governance in action on a decentralized network, balanced between a private company’s interests and a community’s voice. If done right, it could become a case study in how to rejuvenate and future-proof a large-cap cryptocurrency.

確實，關於XRP的討論正出現巨大轉向——由過往的法律風波，逐漸回歸技術和策略本身。這場敘事轉變中，XRP的銷毀機制已成為Ripple積極創新、追求精進的標誌，向各界展示Ripple絕非只滿足於XRP初期的成就，而是主動引領XRP持續進化，確保它在瞬息萬變的加密世界永不過時。其他專案，甚至非加密領域，都可能從中獲得啟發。這其實就是一種去中心化網絡下的經濟治理實驗——公司利益與社群聲音如何達致平衡。假如Ripple能妥善執行，可能成為大型加密項目自我革新的範本。

For now, XRP finds itself firmly in the spotlight. The token that was once largely discussed in terms of bank adoption and legal woes is now being discussed in terms of deflationary milestones and network metrics. Will this translate into sustained growth and a higher baseline value for XRP? The coming months and years will reveal the answer. Investors should stay informed and engaged – watch the on-chain data, listen to Ripple’s announcements, observe how the broader crypto market receives XRP’s changes.

現時，XRP的確站在聚光燈下。這個昔日只與銀行合作或法律風浪掛鉤的代幣，今日已被討論它的通縮里程碑及網絡指標。這是否會轉化為持續增長和更高的價值基礎？未來數月甚至幾年自有分曉。投資者應保持資訊透明和參與度——密切追蹤鏈上數據、聽Ripple官方消息、觀察整體加密市場如何接納XRP變革。

Whether XRP’s coin burn will ultimately be “a game-changer” is something only hindsight will confirm. But one thing is certain: Ripple’s bold strategy has injected fresh energy into the XRP community and narrative. It exemplifies the innovation and agility that characterize the crypto industry. In a realm where code is law and communities drive evolution, Ripple and XRP are demonstrating that even a top-established cryptocurrency can reinvent aspects of itself to strive for a new era of growth. In doing so, XRP’s journey continues to be one of the most closely watched in crypto – a journey now steered in part by the flames of coin burning, as the token seeks to rise anew, phoenix-like, from the fires of reduction.

最終，「燒毀」能否成為「改變遊戲」的關鍵，唯有時間方可證明。不過有一點可以肯定：Ripple這次果敢策略，已經為XRP社群和生態注入全新動力。這正是整個加密行業「創新」與「敏捷」的體現。在代碼為王、社群驅動進化的領域裡，Ripple和XRP證明，即使是最老牌的主流幣種，也可以用嶄新方法重塑自我，迎接新一輪增長之時。XRP這段歷程，依然是整個加密市場最受關注的旅程之一——而這條路，正部分由「燒毀」之火點燃，助這枚代幣如鳳凰般在減少中再生。

As always, investors and enthusiasts alike would do well to keep a balanced perspective: embrace the potential, heed the risks, and appreciate that we are witnessing a live experiment in financial game theory and decentralized governance. Ripple’s XRP coin burn may or may not rewrite the playbook for crypto investors, but it has undeniably added an exciting chapter to the story of one of the world’s most prominent digital assets. The world will be watching how this story unfolds – and whether the bet on scarcity truly pays off in the grand saga of XRP.

一如以往，投資者和愛好者都應保持平衡視野：積極發掘潛力，同時警覺相關風險，亦要欣賞我們其實正見證一場金融博弈論+去中心化治理的現場實驗。Ripple的XRP燒毀計劃未必會徹底改寫加密投資者的規則，但無疑已為這個全球矚目的數碼資產添上一章充滿動感的故事。全世界都在觀察這場故事如何發展——而XRP這場賭注，會否因稀缺性賦予新價值，將成為日後加密史書的焦點。