Ripple XRP銷幣詳解：對加密投資者來說，這或許是改變遊戲規則的一步

銷幣指的是永久從流通中移除代幣，藉此減少供應量。採用此措施後，Ripple希望提升XRP的稀缺性——這常被經濟學理論認為能推升資產價值。這個舉措的時機也備受關注：在Ripple於美國獲得部分法律勝利後，以及XRP Ledger上有新發展時採取銷幣策略，可能將對XRP的市場動態產生深遠影響。投資人與分析師正密切觀察此次供應減少是否真能穩定價格、帶動長遠成長，或是效應將被其他市場力量抵消。本文我們將拆解XRP銷幣的方式、機制、重要性，以及此舉未來對加密投資者可能造成的影響。

銷幣是一種機制，加密貨幣項目會主動刻意銷毀部分代幣，讓它們永久退出流通。這通常是將代幣傳送到「銷毀地址」——一個無法取回私鑰、永遠無法再次使用的錢包，等於完全鎖死這些代幣。銷幣的主要目的是減少某種代幣的流通量。基本經濟學理論指出，只要需求不變，供給減少便會使剩下的代幣變得更稀有，潛在提升價值。在傳統金融領域，這與公司回購股票以降低股權供給的行為類似（雖然股票回購後仍留在公司庫存，但加密貨幣銷毀後則再也回不來）。

項目方進行銷幣的動機多元，其中一個常見原因是控管通膨——就像央行緊縮貨幣一樣，銷幣可減緩代幣發行帶來的通膨壓力。銷幣也可以藉由展現團隊對經濟模型的長期承諾來提升幣值和投資人信心。當流通量減少、但需求維持時，早期持有者理論上會看到他們代幣的價值提升。這助於強化市場對項目方和投資人利益一致、支持幣價的形象。此外，銷幣行動還能營造社群共識，象徵團隊主動「犧牲」自己持有的代幣，為整體生態帶來利益。

銷幣並非新鮮事，在加密產業反而已常見成為策略工具。例如，幣安幣（BNB）以定期季度銷幣聞名。幣安承諾以每季20%利潤回購代幣並燒毀，最終目標是銷毀1億枚BNB（即總供應量一半）。五年內，幣安已累計銷毀價值數十億美元的BNB，逐步接近1億枚目標。之後，幣安更引入了公開運算公式（自動銷幣制），銷毀量會依照BNB價格及網路使用情況自動調整。另一例是以太坊，2021年實施EIP-1559升級，引入手續費銷毀機制——每筆交易手續費中的部分ETH會直接被銷毀。高網路壅塞時期，甚至出現過燒毀量超過發行量的「淨通縮」現象，顯示銷幣機制能根本改變加密貨幣供應路徑。即使是社群主導項目，也會進行自發性銷幣：像柴犬幣（SHIB）持有者就曾多次組織銷幣，削減龐大供給量。這些案例說明，銷幣已成為加密經濟重要策略，用以調控價格、獎勵長期持有人、避免供過於求。

Ripple的膽識之舉：XRP銷幣解構

作為區塊鏈支付創新先鋒，Ripple長期位居浪頭。XRP銷幣策略如今成為焦點，顯示Ripple積極優化XRP代幣經濟與市場形象。但和部分項目靠單次銷幣不同，XRP銷毀機制其實從一開始就是賬本的內建設計。每發生一次XRP交易，一小部分手續費便會被永久銷毀——換句話說，每筆交易都在持續銷毀XRP。這設計早期就寫進XRP Ledger，目的是避免網路被垃圾資訊濫用。每個交易都必須支付極小手續費（約萬分之一個XRP），這費用不是給任何人而是直接焚毀，使惡意方無法以低成本無限發送免費交易癱瘓網路。長遠來看，這設計也自然導致XRP總供應緩慢下降。

目前受到關注的是XRP銷幣規模與背景。Ripple近期動作，包括法院澄清XRP法律地位勝訴、新功能如穩定幣與自動造市商（AMM）上線，暗示網路活動將增加。隨著交易量上升，伴隨而來的XRP手續費銷毀速率也跟著提升。等於Ripple正加碼XRP的通縮設計，以提高資產吸引力。過去外界曾批評XRP供應過大、且官方仍持有大量待解鎖代幣。如今Ripple藉凸顯及優化銷毀機制，積極回應市場對「過度供給」的疑慮。稀缺造就價值——Ripple正利用這一原則鞏固XRP於數位支付生態的地位。知名分析師也指出，減少供應帶來的通縮效應，有助吸引追求長遠增值潛力的投資者。簡單說，作為全球支付媒介，且會隨時間變得更稀有的資產，對金融機構和散戶加密愛好者都很具吸引力。

值得注意的是，XRP的設計是自動、持續銷毀，但近期Ripple高層也曾討論過是否會進行更劇烈、主動的銷毀。執行長Brad Garlinghouse曾表示，理論上Ripple甚至可能考慮銷毀部分巨量待解鎖XRP——但前提是「確實能強化生態系的健康」。這態度顯示Ripple對透過更大規模供應縮減仍保持審慎開放，前提是符合網路與持有者長期利益。若真的落實，確實相當大膽，因為官方待解鎖XRP高達數百億枚，即便只銷毀部分，也會大幅改變市場供應結構。僅是這種可能性就讓XRP社群興奮，同時也有人呼籲審慎討論（後文會再談這場辯論）。總結來說，Ripple針對XRP的銷幣策略層面豐富——包含XRP Ledger的自動銷毀（隨網路擴大更具影響力），也不排除視需要對待解鎖代幣進行進一步大規模銷毀。結合內建通縮設計與策略性供應管理，正是XRP不同於主流加密貨幣之處。

XRP的銷毀機制運作方式？

XRP銷幣策略核心在於XRP Ledger交易費制度。XRP Ledger中，每筆交易（無論是XRP或賬本其他資產），皆須支付少量XRP作為手續費，這費用會立刻被銷毀（不是支付給礦工或驗證人）。這費用極低：正常狀況下一般交易僅約0.00001 XRP。例如你轉帳100 XRP，僅需支付0.00001 XRP手續費，而這部分分數會被永久從總供應中移除。隨交易數量增加，累積被燒毀的XRP也會隨之提升。這設計主要目的是維護網路效能與安全性——即便是垃圾交易也需付出代價（雖僅是幾分之一美分），讓攻擊者不願高頻發送無用交易擾亂賬本。換句話說，XRP銷毀機制本質上是一種「網路防垃圾」的內建管控，確保交易吞吐量專用於合法、實質用途。

重要的是，手續費金額並非一成不變，而是會動態調整。XRP Ledger透過驗證人共識機制設定最低手續費，如網路負載增加至處理上限時，會啟動手續費小幅調升機制。因此高流量時期，使用者可自願支付較高手續費以優先處理交易，而這些更高的費用同樣會被銷毀。這機制與比特幣或以太坊的手續費競價市場類似——但XRP Ledger上的費用並非進入礦工口袋，而是轉為加快供應銷毀。不過即使偶有調升單筆手續費，單次銷毀量仍極為微小。Ripple技術長、XRP Ledger共同創辦人David Schwartz曾形象說明，哪怕XRP網路交易量達到VISA或SWIFT等全球支付巨頭規模（每天數十億筆），一年下來被銷毀的XRP僅約總供應的0.0075%。原因正是每筆交易只消耗極微小的代幣分數。換言之，XRP的通縮效應... 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.

那個過程極其緩慢——根據設計，即使要對原本存在的1,000億XRP造成顯著減少，也需要許多年，並且要有天文數字級的交易數量。社群曾計算過，單靠手續費機制若要燒毀XRP初始供應量的10%，得需要數千兆級交易量——這在可預見的未來幾乎是不可能達到的目標。

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，滴水穿石，尤其隨著網路使用量的成長，微小的累積最終也會顯現威力。到2025年中，XRP Ledger達成了一個重要里程碑：自網路啟動以來，累積已經燒毀超過1,400萬枚XRP。這1,400萬XRP——價值數百萬美元——已被永久銷毀，展現了十餘年交易累積下的長期效果。隨著鏈上活動增加，燒毀速度也在加快。2024年年底到2025年間，XRP的鏈上活動激增，部分因為加密市場反彈與Ripple擴大產品應用所致。區塊鏈分析顯示，2025年中旬，每日活躍XRP地址數激增至近30萬（而當年早期通常僅有3.5萬到4萬）。相應地，XRP的燒毀速度也加快，總燒毀量穩步逼近且超越1,400萬枚。雖然這1,400萬XRP僅佔原有1,000億供應量的約0.014%，但它已是有史以來最高的累積銷毀紀錄，也象徵著網路使用穩定成長。每一小部分被燒毀的XRP，都訴說著帳本上真實交易的故事——這正是一個成熟生態系的體現。

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通縮機制概念圖解：XRP帳本上的每一筆交易，都會以手續費形式燒毀極少量的XRP，隨著時間緩慢降低總供應量。

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.

除了每筆交易的燒毀外，XRP帳本最近也推出了新功能，針對某些行為加入了一次性的燒毀設計。最具代表性的例子就是在XRPL上推出的自動化做市商（AMM）。AMM功能（由XLS-30提案）允許用戶在帳本上創建流動性池，實現去中心化交易。為了防止垃圾池或低品質池氾濫，網路設立了新規定：每新增一個AMM流動性池，需支付2枚XRP做為費用，而且這2枚XRP會被燒毀。這表示，只要有新流動性池設立，就會有2枚XRP直接被消滅、不再流通。雖然2枚XRP在整體生態來說還是微不足道，但比每筆交易0.00001 XRP的基本燒毀高出許多，因此這類事件對燒毀總量貢獻明顯。隨著XRPL DeFi生態系成長，這有潛力成為適度增加通縮的新管道。我們在幣安BNB鏈看過類似概念，他們透過BEP-95機制，實時燒毀部分Gas費，加速BNB通縮。XRP在AMM上的做法也有異曲同工之妙：將新功能的使用與代幣燒毀相連結，提升系統效率并打擊垃圾行為。

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.

另一項發展是Ripple自有穩定幣RLUSD（Ripple Liquidity USD），同樣建構在XRP帳本上。即使RLUSD交易的是掛鉤美元的資產，依然需要支付XRP手續費——也就是說，每筆RLUSD穩定幣交易，和普通XRP支付一樣都會銷毀一小部分XRP。Ripple在2024年測試RLUSD，並為正式上線鋪路時，做出大動作：銷毀了測試時預鑄的幾乎全部RLUSD。2024年11月，Ripple一天內就銷毀了4,667萬枚RLUSD，形同抹去試點供給、重設流通量，藉此營造稀缺性。這個大膽之舉——雖然主體是穩定幣而非XRP——凸顯Ripple用心管理各類代幣供給與價值，也顯示他們不避諱將燒毀工具策略化運用至所有產品。RLUSD銷毀事件成為話題，也暗示一旦穩定幣上線（前提是通過監管核准），Ripple希望以可控供給及強烈需求推進市場。對XRP持有者而言，重點是如果RLUSD未來交易量大，會間接加速XRP燒毀（因每筆RLUSD交易都要消耗XRP手續費）。但Ripple的CTO Schwartz也重申，穩定幣交易對XRP總體供應量的影響在可預見未來仍非常有限——這些燒毀將是持續但相對供給量仍極小的數字。

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.

總結來說，XRP的燒毀機制包括多個層面：每一筆交易的持續微量燒毀、綁定新功能（像AMM池）的一次性較大量燒毀，以及未來可由Ripple或社群治理發動的策略性燒毀。這種多層次手法今日有助提升網路安全與效率，長期更逐漸加強其稀缺屬性。這確實是一場緩慢的「燃燒」——短期內不太可能劇烈減少供給——但卻確立了通縮走勢，讓XRP從眾多通膨型甚至定量供給型加密資產中脫穎而出。

Why XRP’s Coin Burn Matters

為什麼XRP的銷毀機制重要

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選擇強調並可能進一步加大XRP燒毀機制，正值項目發展的關鍵時刻。經歷多年監管不確定性後，XRP正嘗試在投資人心中重新定位，不只是快速支付代幣，也是一種具紀律性代幣經濟的加密貨幣。以下是此燒毀策略意義重大的原因：

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.
解決供給過剩疑慮：XRP的代幣經濟長期以來是一把雙刃劍。一方面，擁有1,000億總供給量（目前約有500億在流通，剩下由Ripple託管），保障了全球支付網絡的流動性；但另一方面，龐大供應讓許多投資人擔心市場“供過於求”，限制了價格上漲空間。Ripple本身每月有機會從託管釋放最多10億枚XRP，儘管多數未用部分會歸還託管，但流通供給仍穩步增加。通過引入燒毀機制，Ripple等於正面回應了供給過剩疑慮。邏輯很簡單：減少供給有助於提升價值。隨著XRP數量逐漸減少，每顆代幣都變得更加稀缺。Ripple希望藉此通縮傾向，增強市場信心，使XRP價值能隨普及度提升而上漲。正如某分析指出，成功執行燒毀，根據供需法則，將“帶動價格上漲”。這對於XRP更是切身，因為Ripple持有分量過大常引發市場疑慮；燒毀則象徵Ripple願意為市場健全犧牲一部分既有籌碼。
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.
符合投資人期待：燒毀策略也順應了加密圈更廣泛的投資偏好。近幾年，無論是機構還是散戶，都日益偏好具有通縮或低通膨特性的資產。比特幣總供給2,100萬顆的硬上限，以及以太坊EIP1559後的手續費銷毀，常被當作“健全貨幣”或“超健全貨幣”的例證。Ripple刻意強調XRP內建燒毀（甚至考慮進一步增加燒毀），就是讓XRP更貼近這些主流敘事。這傳達了明確信息——XRP不會任意通膨，其供給會隨時間緊縮。對年輕、關心加密投資的族群而言，他們比較不同山寨幣時，能隨交易增加而逐步稀缺的幣，比持續增發的資產更具吸引力。這讓XRP在已接受“稀缺=價值”觀念的族群間更有競爭力。Ripple此舉本質上也把XRP長期的反垃圾郵件費用燒毀，逆轉成一種通縮賣點：原本的技術抗垃圾細節，如今也成了宣傳重點。
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.
鞏固長期實用性與價格穩定：Ripple的宏觀目標，是讓XRP成為全球金融（特別是跨境支付）的重要結算與流動性工具。要實現此目標，前提XRP必須被視為可靠資產，不能有隨時稀釋或劇烈通膨的疑慮。透過燒毀機制引入通縮偏向，有助於長期抑制供給成長，進而穩定價格。一位知名分析師就指出，“稀缺性創造價值”，通縮效應反而可帶動價格穩定與長遠成長。理論上，燒毀機制還能抵銷新代幣釋出時可能造成的賣壓。Ripple近年已逐步調整託管釋放方式——過去會定期將解鎖XRP推向市場出售，近年不僅減少銷售，甚至開始回購市場XRP以支撐價格。燒毀策略與這些措施相輔相成，確保隨著XRP實際用途增加（無論是支付產品或即將上線的穩定幣），供給也可同步被動收縮。
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
市場觀感與競爭優勢：採取燒毀政策，也讓XRP與其他採用通縮措施而成功的主流代幣並駕齊驅。2017-2021年間幣安幣（BNB）大幅升值，部分就靠激進的燒毀機制，這讓持幣人看到交易所對推動稀缺性的承諾（事實上，BNB在燒毀後總供給已減少約25%，預計最終會對半減量）。以太坊轉向燒毀手續費，也因為用戶行為與持幣價值直接掛鉤而受到讚譽——高頻使用就能直接體現...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.

轉化為更多 ETH 被銷毀。如果 XRP 也能證明其更廣泛的應用（更多交易、更多網路使用）會導致更多 XRP 被移出流通，那麼 XRP 就不僅僅是一種交易媒介，而是更具價值累積性的資產。在競爭激烈的加密貨幣市場中，這可能成為其獨特的優勢。例如，可以參考在支付領域與 XRP 接近的 Stellar（XLM）：2019 年，Stellar 基金會突然銷毀了 550 億顆 XLM 代幣——這超過總量的一半，以提高稀缺性並重新聚焦專案方向。市場對 Stellar 的大規模銷毀反應熱烈，公告發布後 XLM 價格立刻上漲約 14%。這種大膽的供給減少被視為對代幣價值的承諾，也讓 Stellar 一度成為聚光燈下的焦點。Ripple 很可能注意到了這一事件。雖然 XRP 並沒有（至少目前沒有）一夜之間減少 50% 的供給，但它現行的銷毀策略具備「主動供給管理」的精神。總之，展現供給持續下降，有助於 XRP 在各家強調貨幣政策做為自身價值主張的加密貨幣競爭中脫穎而出。

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.
更宏大願景的一部分：同時也需要將 XRP 的銷毀機制置於 Ripple 整體網路發展大局來看。該公司正多線齊發：擴展隨需流動性（ODL）服務的合作夥伴、開發 RLUSD 等企業級穩定幣、加入 XRPL 新功能（NFT、DeFi 能力）、發展央行數位貨幣（CBDC）計劃。而這一切的基礎都是 XRP 作為橋接資產。透過讓 XRP 變得更為稀缺（或至少強調其稀缺性正逐步提升），Ripple 可能試圖確保當 XRP 實用性增長時，其價值不會被不斷擴大的供給稀釋。他們希望銀行、金融科技公司，甚至散戶，都能把 XRP 視作值得持有及運用的優質資產，而不是被 1,000 億發行量所拖累的幣種。銷毀行動貼合 Ripple 所倡導的理念：XRP 正步入成熟新階段——從曾受法律爭議的熱門代幣，走向合規、高效、具現代經濟模型的數位資產。在公開聲明中，Ripple 高層也曾暗示，所有有助於生態發展的代幣經濟改善方案都會納入考量。藉由減少流通供給，Ripple 也能確保一旦有新需求（例如，有大型銀行用 XRP 進行結算，或某天獲准上市 ETF），其價格反應將更為明顯。換言之，精簡的流通量意味市場對需求增長反應靈敏，讓 XRP 投資人更有機會分享到市場紅利。

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，稀缺性固然重要（雙關語），但需求才是另一關鍵。XRP 的銷毀機制只有在 XRP 需求持續或成長的前提下，才能真正「推升價值」。Ripple 顯然致力於透過現實世界的採用及應用場景激發需求，而銷毀只是補足供給面這一塊拼圖。投資人應該明白，僅靠銷毀幣量並不保證價格一定上漲——這只是影響因素之一，不是魔法棒。市場情緒、實用性及總體經濟環境，仍會主導 XRP 的價格走勢。儘管如此，Ripple 顯然相信，現在優化 XRP 的供給動態，將來會帶來顯著回報，特別是在加密產業日益重視通縮特性的長期趨勢下。

Ripple’s Role in the Evolving Crypto Landscape

Ripple 在加密貨幣大環境中的角色演變

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 採行 XRP 銷毀制度，是整個加密產業更大趨勢的一環：各項專案積極優化其經濟模型，以吸引更多用戶和投資人。早期的加密貨幣專案多以固定總量（例如比特幣 2100 萬）或通膨模型（如以太坊 2021 年前無固定上限，礦工可無限開採）發行。然而隨著成功案例的出現，產業逐漸轉向通縮或有限供給模式。XRP 的發展歷程正是這一轉變的縮影。

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 自 2012 年誕生時，1000 億顆全部預挖，其中大量分配給 Ripple（當時稱為 OpenCoin）及其創辦人。最初設想 XRP 作為銀行間的橋接貨幣——高供給、低手續費、速度快，重點是促進流動性，並非設計來作為價值儲存工具。但隨著時間推進，即使是實用型代幣，投資者的觀感也變得極為重要。Ripple 長期持有巨量 XRP（高峰時超過 500 億顆託管中），招來中心化批評和市場所謂「隨時砸盤」的疑慮。這讓 XRP 在公眾輿論上處於劣勢，尤其是相對於發行方式更開放或更透明的幣種。

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:

現在，透過積極推動銷毀制度，Ripple 正把 XRP 定位於更符合當代加密貨幣主流價值觀的位置。公司實際上是在向外界傳達：「我們聽見市場對供給與中心化的顧慮，並正採取行動改善。」 這作法與數個行業巨頭如出一轍：

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）：如前文所述，幣安定期季度銷毀已成其代幣經濟政策標誌。最早階段，銷毀數量是按交易所利潤一定比例（類似企業用盈餘回購股票）；最近則改以自動銷毀（auto-burn）系統，依 BNB 幣價及區塊鏈活動動態調整供給，提供透明、可預期的流通量減少。BNB 從鮮為人知的交易所代幣，進化為市值前五大加密資產，其成功往往與這種積極銷毀政策密切相關——顯示項目方高度與持幣者利益綁定。Ripple 與 XRP 的狀況也有相似之處——Ripple 主要收益來自軟體和支付流量，而非交易所費用；但不難想見，未來 Ripple 也可如同幣安最初模式，動用部分收入或持有 XRP 回購並銷毀。事實上，社群已有許多建議 Ripple 仿效幣安，承諾將其販售 XRP 給機構所賺取的一定比例銷毀，進一步把價值返還給散戶。目前這樣的機制尚未官宣，但光是這類構想，就展現幣安已立下新典範，Ripple 也逐漸向此路線靠攏。
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）：以太坊於 2021 年實施倫敦硬分叉（EIP-1559），引入銷毀機制，讓 ETH 貨幣政策更加複雜，卻被視為更有投資吸引力。現在，每筆以太坊交易都會銷毀一定 ETH（基礎手續費），意即網絡越繁忙，ETH 就越趨稀少。這讓 ETH 在高熱時期（如 NFT 熱潮、DeFi 爆發）出現通縮特質（供給甚至會淨減少）。以太坊社群自豪地稱 ETH 是「ultrasound money」（超音速貨幣），類比比特幣的「sound money」。XRP 的銷毀機制在概念上與以太坊相近——兩者都將網絡活動與供給減少直接掛鉤。透過強調銷毀，Ripple 順勢利用以太坊帶來的積極市場氛圍，主張XRP 同樣因用途成長而實現代幣銷毀，用戶驅動與投資人利益相連。主要差異在於規模：以太坊於高 Gas 期間，單筆交易就可能銷毀數顆 ETH，而 XRP 每筆交易的手續費極為微小，但原理一致。XRP 也因此能成為全球主流「內建通縮機制」加密平台的其中一員。
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 的案例尤具代表性，因其與 Ripple 有著深厚淵源。Stellar 由 Ripple 創辦人之一 Jed McCaleb 帶領，成立時即有設計上針對 Ripple 的改良。2019 年，Stellar 開發基金會（SDF）拍板銷毀了 550 億 XLM，超過總供給一半，原因是認為這部分代幣對生態未來發展已不必要。此舉明確旨在「校準」專案供給規模，並重建市場信心。許多原本擔心 XLM 巨額潛在拋售的投資人給予高度讚揚。值得一提的是，Stellar 執行長 Denelle Dixon 表示，他們絕非隨意決定銷毀，是仔細計算未來十年生態實際需求、其餘「多出來的」倒不如直接銷毀。短期來看，XLM 價格飆升，社群歡呼喝采。長遠而言，流通上限從此固定 500 億，並承諾不再二次銷毀。換句話說，Stellar 犧牲供給換來透明與信任。Ripple 從側面觀察，相信已體認到這種象徵意義的力量。雖然 Ripple 尚未像 Stellar 那樣做出極端舉措，但關於 Ripple 託管帳戶（目前仍持 390–400 億 XRP）未來也有可能考慮銷毀的討論熱度始終不減。假如 Ripple 有朝一日將部分託管 XRP 直接消除，無疑是在演繹 Stellar 的劇本——大幅縮減流通量，徹底改變市場結構。即便只是這類「也許」的市場揣測，已足以令部分 XRP 社群熱血沸騰。這證明大規模銷毀概念，已成主流打法之一，被視為扭轉市場情緒的正當做法。

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.

除了上述案例，還有眾多專案採取過銷毀策略：從 FTX 的 FTT（破產前）這類交易所幣，到迷因幣如狗狗幣、柴犬幣，甚至有些演算法型穩定幣，靠銷毀代幣以維持價格掛鉤。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.

如今，區塊鏈產業廣泛採用銷毀代幣的做法，這凸顯出其在塑造數位資產未來上扮演的重要角色。各個專案已不再將代幣供應完全交由演算法性的通膨排程或挖礦速率來決定；越來越多專案主動介入，以管理供應，就像中央銀行控制貨幣供給一樣——只不過這次是在鏈上公開執行，而非閉門會議。Ripple 的代幣銷毀行動因此被視為加密市場逐漸成熟的象徵，供應管理已成為常態。

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 來說，推動與倡導 XRP 銷毀機制，其實也是為了維持競爭力與市場相關性。2025 年的加密市場競爭激烈——有更多新型智能合約平台、Layer-2 解決方案與數不清的代幣爭奪投資人的目光。許多新進者一開始就設計通縮性代幣經濟模型，相較之下，XRP 作為 2012 年的老將，對部分人士來說可能顯得過時或帶有“通膨”疑慮（畢竟 Ripple 過去曾常規釋放代幣）。銷毀代幣的敘事為 XRP 注入了新鮮感。此舉讓 XRP 能與以太坊 EIP-1559 後的新模型或 BNB 的“銷毀與建構”策略齊名，而不再被困於 2017 年 ICO 時代大量預挖供給惹人質疑的名聲。簡言之，Ripple 確保 XRP 經濟設計與時俱進，也更有望打進現代加密資產組合的配置名單。

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 的代幣銷毀行動可能會造成超越其本身代幣的影響。如果證明有效——也就是若能明顯促進 XRP 的市場表現與採用率——將有可能啟發其他金融科技與區塊鏈項目思考類似的供應優化措施。目前已有不少中央銀行探索可控供給的數位貨幣，亦有企業支持的代幣考慮回購與銷毀策略。Ripple 在金融科技領域具備舉足輕重的地位（基於其與銀行與支付業者的多項合作），因此其戰略舉措備受關注。若 Ripple 能成功以銷毀機制同時強化網路效率與投資者信心，未來也將成為加密產業的實證範例。換句話說，XRP 的銷毀機制可能成為不僅對投資人，甚至對整個產業生態規範的改變者——再次證明主動供應管理是建構永續加密生態系不可或缺的關鍵。

Investor Impact: How Could XRP Burns Affect Value?

投資人影響：XRP 銷毀如何影響價值？

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:

對於加密投資人——從資深交易者到剛開始建立投資組合的新手來說，最關鍵的問題莫過於 XRP 銷毀行動會如何影響自己持有的價值。XRP 代幣銷毀對投資人有幾個明顯的意涵，但其中也伴隨一些潛在風險與不確定性：

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.

稀缺性與價格上升效應：理論上，當資產供應減少、需求持平或成長時，價格通常會受推升。這個基本原理正是投資人關注代幣銷毀現象的核心原因。以 XRP 為例，隨著流通供應逐步下降，每一枚剩餘 XRP 佔整體網路效用的比例變大（不論這效用是用於支付轉帳、作為跨鏈流動性等）。如果市場相信 XRP 的應用場景及需求將因 Ripple 持續擴展專案及大眾對加密資產接受度提升而日益增加，那麼持續減少的供應將加劇這項需求對價格產生的影響。XRP 持有者可能會認為銷毀機制有助於代幣價值，是能夠讓 XRP 更稀缺、長期更具價值的架構性特點。特別是長期持有人，更能安心，因為供應是在往自身有利（下降）方向發展。不像股票可能增發新股、或法定貨幣可被隨意印製，XRP 確保存量沒有失控膨脹；恰恰相反，存在緩慢的通縮效應。甚至有人主張，若 Ripple 執行一次大規模銷毀（例如銷毀託管中的 XRP），單是市場預期供應急降，就可能大幅推升價格。理論上，如果數十億枚 XRP 突然從未來流通市場移除，估值模型也需重新調整，每枚代幣分到的網路效用自然會上升，估值或許將出現上調空間。

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：除了機械式的供應減少外，代幣銷毀其實也會影響投資人的心理層面。當項目團隊公開承諾投注銷毀代幣，往往被視為主事者對長期價值有信心——他們願意犧牲短期利用權，專注於永續經營。對 XRP 而言，過去社群長期憂心 Ripple 是否會大量拋售持有資產或市場供應過剩，而“銷毀敘事”正好有助於反制這種恐懼，增強整體市場對 XRP 的信任。原本因供給過大不敢介入的投資人，也會重新審視 XRP，因為 Ripple 已針對此問題做出回應。此外，銷毀機制還強化持有誘因：當你知道總供應在減少，過早賣出可能就錯失因日益稀缺而推升的未來收益。這個動態在 BNB 等幣種身上早有驗證——有些投資人選擇長期持有 BNB，部分理由就是 Binance 不斷銷毀代幣，從而逐漸提升價格底線。對 XRP 而言，新世代投資人也可能認為，每過一個月，經過網路執行銷毀等處理，市場上的 XRP 就會更少；幾年之後，當供應減少、應用爆發式成長時，長期持有就可能獲利。這樣的敘事支持*「HODL」心態*，進而降低市場賣壓。

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.

短線與長線效應：投資人必須分辨即時效應與長期變化。就短期而言，每日被銷毀的 XRP 數量其實有限，所以光靠常規手續費銷毀並不會造成突發性的供給衝擊或價格暴漲。例如，多年下來銷毀 XRP 突破一千四百萬枚這個里程碑，對 XRP 價格其實並未立刻造成明顯波動；U.Today 報導也提到，雖然銷毀突破顯示 XRP 高活躍度，但當下價格「並未出現重大反應」。目前短期 XRP 價格波動仍受到整體加密市場情緒、消息面（如法律發展、合作傳聞）、以及宏觀經濟大趨勢主導。若銷毀行動出乎意料或遠超市場預期，有時倒會引發短線炒作熱潮。例如 Ripple 若宣佈一次性超大規模銷毀，短期內便極可能帶來價格炒作與話題。但嵌入交易機制中的常規銷毀，其實早已反映進市場預期。XRP 銷毀的真正意義，其實是在於長期累積。多年之後，若流通供應減少幅度明顯，又碰上應用量同步提升，投資人自然會看到更強勁、更穩定的 XRP 價格。你可以想像成一個慢慢緊縮的供應龍頭，將可能成為下一波牛市的關鍵——若需求暴增時，市面上剩的 XRP 更稀有，價格漲幅就可能比沒有銷毀機制時更大。

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.

價值重估的可能性：有些投資人認為，只要 Ripple 採取更積極的銷毀策略（例如真的動用託管銷毀計畫），市場就有可能重估 XRP 的價值。現今 XRP 的總市值計算包含目前流通的所有代幣（甚至投資人心中也會算進部分未解鎖的託管代幣）。假設一口氣消滅 100 億或 200 億枚 XRP，該價位的市值便會相應下降，XRP 看上去會相對於網路活動“被低估”。如此一來，就能吸引到看好「低供給高應用」落差的新進投資人或量化交易者。越來越多分析師的價格預測，確實開始把這種假設情境納入分析。例如，2025 年初資產管理公司 Bitwise 的報告就針對 XRP 假設到 2030 的各種情境，在牛市情境下，2025 年 XRP 目標價達 4~6 美元、2030 年甚至可望達 12 美元；情境包含廣泛採用（例如 Ripple 穩定幣落地）與利好持續。在最樂觀狀況下，XRP 甚至在 2025 年能達到 10 美元、2030 年挑戰 29 美元，條件是成熟全球支付市場與機構大量採用。當然上述情境都建立在極強需求增長假設，但前提是供應有限或還會縮減，這樣的需求才有可能推動高價。相對地，Bitwise 最悲觀預測則認為 XRP 長年徘徊 1.5 美元甚至更低——也提醒大家，如果實際採用成績不如預期或大環境沉悶，光靠銷毀絕對無法給 XRP 帶來“登月”。無論如何，知名分析師開始討論 XRP 有望達數美元、甚至雙位數美元水準，正說明市場想像力已被重新點燃，而銷毀代幣、法律明朗化和生態系拓展等新敘事正是關鍵動力。如今評估 XRP 的投資者，儼然是帶著這些潛在催化劑的知識做決策。

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：另外值得提及的是，XRP 銷毀機制可能對交易行為和波動造成何種影響。加密市場經常被敘事及新聞帶動影響。若 Ripple 的代幣銷毀策略被大幅宣傳（如近期情況），各大交易論壇與社群平台便會充斥著對 XRP 將日益稀有的期待聲浪。這可能在短期內營造出自我實現的動能——交易者可能因預期他人會因稀缺性而搶買 XRP，結果真的帶動短線價格走揚。然而，炒作熱潮同時也可能帶來風險......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.

如果預期超過了現實，市場可能會出現劇烈修正。舉例來說，如果有些散戶錯誤地以為Ripple銷毀代幣會立刻讓供應量減半（除非有宣布特殊銷毀，否則實情並非如此），他們可能因此FOMO追高，但當他們發現銷毀速度很慢時又會拋售，導致價格劇烈波動。因此，任何與銷毀相關的公告或里程碑，都有可能讓XRP的波動性突然飆升。例如：2023年底，社群在社群媒體上熱烈討論Ripple可能銷毀託管的XRP時，XRP價格短暫上漲，因為有投機者想要搶先一步行動——雖然最終沒有立即實質進展，價格也隨之回落，但這清楚展現了僅僅是銷毀傳聞，也足以帶來劇烈波動。

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.

對長期投資者而言，建議不要被短線的銷毀話題牽著鼻子走，而是應該專注於基本面的走勢：XRP的網路使用量是否持續成長？Ripple是否能有效控管供給，同時不損害代幣的用途？如果這些條件依舊正面，那麼銷毀機制就成為加強投資論點的順風。同時也要記住，加密貨幣的價值最終來自於實用性和需求—如果沒有人要用，供給再少也沒意義。所幸，最近對XRP持有者來說，需求面訊號逐漸轉強：活躍地址成長，大戶（鯨魚）持續累積，而且SEC態度明朗後，機構興趣也在上升。這些趨勢加上通縮型供給，將有機會帶來有利的供需結構。

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.

提醒——不是萬靈丹：有經驗的投資人也會指出應提高警覺。有些項目曾利用銷毀機制當作炒作噱頭，短暫拉抬價格。若是沒有真實需求，或只是為了掩蓋其他問題而進行銷毀，市場往往能看穿操弄。Ripple看起來將代幣銷毀當成整體基本面策略中的一環（而非單獨的行銷手法），可是投資人仍應保持批判性思考。舉例來說，法規變動或重大宏觀經濟事件，隨時可能抵消銷毀帶來的好處。如果全球加密市場進入熊市，或XRP在某些國家遇到新法律障礙，即使持續銷毀，價格一樣可能下跌。此外，大型代幣持有者（包括Ripple官方）仍有極大影響力——銷毀機制無法阻止Ripple或其他大戶未來賣幣，進而抵消供給減少的效應。所以，銷毀可以視為正面因素，但不應簡化為決定XRP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，對投資人而言，XRP的銷毀機制是一個頗具看頭的案例：這個有悠久歷史的主流山寨幣，正嘗試與當代區塊鏈經濟模式接軌。如果你持有或考慮買進XRP，銷毀機制基本上是友善於持幣者，能隨時間增加價值（前提是網路使用和採用情況足夠強勁）。這機制讓網路的利益（減少垃圾、提升效率）與投資者的利益（稀缺性提升）彼此結合，這種利益一致通常也是區塊鏈專案長線成功的要素之一。不過還是要控制預期，並隨時追蹤實際數據：觀察XRP每季、每年實際銷毀數量與總供給的比率，留意Ripple在託管和新幣發行上的舉措，這些都能看出供給管控的積極程度。現階段，XRP的銷毀機制已讓它再次成為許多投資人關注的標的，是加密版圖變化中值得追蹤的代幣。

Community Debate: To Burn or Not to Burn?

社群辯論：該銷毀，還是不該銷毀？

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.

在XRP社群內部，關於代幣銷毀這個話題——特別是要不要大規模銷毀Ripple託管的XRP——一直爭論不休。並不是所有持份者都一致支持銷毀方案，而是意見分歧，還有不少值得深思的保留意見。理解這個辯論，有助於全面掌握XRP銷毀對生態的不同意義。

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.

在光譜的一端，支持激進銷毀的人士主張應該要大幅減少XRP總供給，哪怕要動用Ripple自己持有的託管份額也在所不惜。這些社群成員經常強調價格短線激漲與「稀缺感」劇增所帶來的正面形象。他們會舉Stellar一次性銷毀550億或Binance持續銷毀為例，認為這是推升價值的典範。有些人甚至提出，讓XRP Ledger的節點驗證人透過提案與投票，強制銷毀Ripple的託管代幣——這屬於去中心化決策，考慮的是網路長遠福祉。2020年底，這個假設性議題首次在社群引起熱議並釣出Ripple技術長David Schwartz的關鍵回應。當被問到「XRP社群與驗證人能否合作，通過投票決議直接銷毀Ripple託管約五百億XRP」，Schwartz坦承只要多數共識（約80%驗證人同意），這確實有可能成真：「如果共識真的出現，Ripple完全無法阻止，公有區塊鏈極為民主，少數派擋不了規則變更。」這席話震撼不少人——Ripple自己技術長親口承認，若有八成以上節點同意，社群最終可以把Ripple百億託管全數燒光。這對主張銷毀的一方猶如被驗證了權力落在生態系手中，也讓他們呼籲要實際推動。他們認為，讓數百億XRP永遠退出流通，會帶來供需大震盪，有機會創下新高，也可藉此去除Ripple的主導持幣份額、強化去中心化。

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.

光譜的另一端，則是呼籲審慎、甚至反對銷毀託管幣的人，理由多從原則或實用角度出發。例如XRP社群中備受尊敬的Kristin Dack，就明確提出了許多保守持幣者相當認同的疑慮：每顆XRP本質上都是某人的財產，單方面無差別銷毀，會創下危險的先例。在Dack看來，Ripple託管的XRP仍然「屬於某人」（即Ripple公司，或間接屬於股東、整個資助生態系的計畫）。如果社群能靠投票直接沒收+毀掉他人資產，未來有什麼能阻止同樣機制轉向攻擊任何持有XRP的人？「你若支持讓社群有權投票銷毀任何人的XRP，就是贊成有朝一日社群覺得『有必要』時也能銷毀你的XRP。」Dack這個論點本質上是財產權的捍衛：區塊鏈上的所有權應該是神聖不可侵犯。即便Ripple託管的XRP只是「預設解鎖」，也不能只靠投票就沒收。這是一個滑坡式疑慮；銷毀託管幣短線或許能推高價格，但長遠卻有失公允與不可更改的信念，恐損及整個系統的信任基礎。

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.

社群中還有一群務實派人士，能理解兩種觀點——既看到大規模銷毀的經濟利多，也正視道德與生態風險。他們常建議找折衷方案：例如，與其直接燒掉託管幣，何不把這些XRP拿來推動實質有益XRP生態的用途？包括資助戰略夥伴、開發者補助、推廣激勵等，讓這些XRP變成幫助網路成長的實用資源，而非簡單消滅。這樣一來，供給雖然最終還是會釋出，但藉由提升需求（多用多實用），可以做到正負平衡。另一派還建議，Ripple可以進一步減緩或限制託管幣的賣出，甚至設法延長鎖倉，達到類似供給減少的效應而非硬性銷毀。事實上，Ripple近幾年已採取這種溫和作法：每季報告顯示，大部分解鎖的XRP又回收到新的託管合約，真正釋放到市場的XRP數量偏少（且僅限機構、OdL使用），有些季度甚至還成為XRP淨買家。這些行動雖不如「熊熊大火」搶眼，卻能低調處理供給問題也展現Ripple維護XRP市場健康的決心。許多務實派對這樣的步驟給予肯定，認為或許無須走到不可逆轉的全數銷毀。

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.

官方立場部分，從各方公開說法觀察，Ripple對於大規模銷毀採保留但開放的態度。執行長Brad Garlinghouse在被問及此議題時，不曾完全排除可能性——他表示，如果銷毀對XRP生態有明確長遠好處，Ripple會列入考量。這表示Ripple不會單為價格短期拉升而銷毀，只有在解決問題或能創造長期價值時，如：託管過多XRP阻礙網路去中心化或挑戰監管合規時，才有可能動手。至今為止，Ripple還不覺得需要這麼做，但Garlinghouse已經留了伏筆。同時，David Schwartz關於社群共識的評論，也代表Ripple會尊重絕大多數節點共識結果（即便自己反對），雖然要達到八成共識極為困難，因為Ripple本身在多數主流驗證人間很有影響力，加上過程勢必高度爭議。

It’s also worth noting a practical angle: the escrow system （以下內容未齊全，請補充原文後可再續譯。）以下為內容翻譯（跳過 markdown 連結）：

最初設立的目的是為了提供可預測性和市場結構。2017 年 Ripple 將 550 億枚 XRP 鎖定於託管（分月定時釋出），是為了讓投資人安心，避免擔憂 Ripple 會毫無預警地大量拋售。若現在社群突然藉由銷毀的方式作廢這個託管機制，將會是一個具有諷刺意味的轉折——也就是說，這次的「解方」（銷毀）會抵消上一個用來防範供過於求恐懼的「解方」（託管）。也有人主張，託管某種程度上就像是一種更有節制的銷毀：任何被鎖定且尚未釋出的 XRP，等同於在鎖定期間內被「銷毀」。實際上，Ripple 通常只會釋出部分，然後再將剩下的重新鎖入新的託管；2018-2023 年間，Ripple 通常委釋出 10 億枚，但又有 8 億以上重新託管。託管中的金額正在逐漸減少；截至 2023 年底，約剩下 360-400 億枚 XRP 處於託管之中，照目前的速度全部釋出估計還需 6-10 年。部分社群成員偏好讓這個過程順其自然，認為十年內若 XRP 的實用性增強，市場大致上有能力吸收這些供給。他們也提醒，突然發起大規模銷毀，可能會有無法預料的後果，例如流動性過度銳減，或是失去原本可以用來支持網路發展的「戰備金」。

關於銷毀的倫理與哲學層面也是相當深刻。這迫使社群思考區塊鏈治理的核心價值：究竟應該是純粹的代幣持有人民主（多數決一切），還是應該有如尊重契約（託管本身可被視作一種契約）、個人權利等制衡條件？這其實是加密原則與現實世界法律之間的縮影。有趣的是，萬一真的出現由社群主導的銷毀，有可能會遇到 Ripple 或其股東的法律挑戰，主張這等同於銷毀公司資產——而這在網路本身去中心化的架構下，確實是相當模糊的地帶。

那麼，投資人和觀察者應該「期望」託管 XRP 被銷毀嗎？答案並非黑白分明。強行銷毀有機會推高價格，但同時也可能引入治理上的風險。如果 Ripple 主動選擇銷毀，過程多半會比較井然有序，爭議也會比較小，不過這同時代表 Ripple 認為未來根本不需要那些代幣（這反而是好現象，代表 XRP 生態系有自給自足的潛力）。目前，Ripple 似乎傾向於緩慢銷毀（藉由交易手續費實現），而非一次大火。社群持續分歧：有人期待劇烈銷毀能為 XRP 增添強大動能，有人則寧願穩健地慢慢進行，或將代幣用於生態系拓展。

可以確定的是，XRP 關於代幣銷毀的討論顯示這個項目遠遠沒有停滯。即使經過十年，相關持份者仍然積極討論如何替未來調整代幣經濟。這本身就是健康的徵兆——代表 XRP 的命運並不是被動擱置，而是持續由社群和責任人共同塑造。正如某位觀察者精闢指出，XRP 邁向更美好未來的道路，不只在於追求高價，更取決於「對於這類大動作（如大量銷毀）所帶來道德與哲學後果的審慎思辨」。這場辯論確保了將來如果真的發生重大銷毀，相關決策會來自多方深思熟慮。

投資人應該關注什麼

隨著 Ripple 執行（或持續）其代幣銷毀策略，以及 XRP 生態系的演進，XRP 投資人未來幾個月與數年內，有數個關鍵因素值得密切關注。這些因素將判定 XRP 銷毀是否真能成為樂觀者期待中的「遊戲規則改變者」，還是僅僅是一個複雜市場機制下的小幅優化：

XRP 銷毀步調：首要追蹤過去一段時間實際銷毀了多少 XRP。雖然 Ripple 本身的動向常成焦點，真正能描繪全貌的還是數據本身。網站如 XRPScan 等皆提供最新的 XRP 銷毀總量統計。截至 2025 年年中，總計約銷毀了 1400 萬枚 XRP。這個數字如今是否比往年成長更快？若未來網路使用量暴增（例如 Ripple 推出新合作、XRPL 上有 NFT 或穩定幣等新應用），銷毀步調應該會加快。儘管相對比例仍然很小，但每年從 500 萬枚提升到 1000 萬以上，便代表網路活動大幅提升。投資人應該將這些數字和價格、市值做對照，看銷毀是否開始產生實質影響。簡單來說，鏈上活動越多＝XRP 銷毀量越大＝通縮壓力越強。反之，如果活動量停滯甚至下滑，銷毀的意義也跟著減弱。
Ripple 的託管及銷售政策：務必緊盯 Ripple 每一季關於託管 XRP 的報告及聲明。託管策略任何變化，市場反應將會很劇烈。例如，如果 Ripple 決定延長託管（延後釋出），或註銷部分託管（其實就是一種“變相銷毀”），稀缺性增加就會帶來利多。事實上，Ripple 於 2023、2024 年的報告也顯示，他們多半以受控方式銷售 XRP，主要用於支援即時流動（ODL）業務，並且經常在二級市場回購。若之後報告持續揭露 Ripple 是淨買家，或重託管理 XRP 比釋出多，就代表供給進一步收緊。相反地，若 Ripple 提高銷售力道，或因價格飆升而釋出大量託管，便可能抵消銷毀帶來的效果。此外，也要關注 Ripple 是否直接對外說明打算銷毀託管。雖然不保證會提前預告（甚至可能直接執行），但只要高層如 Brad Garlinghouse 或 David Schwartz 出面宣布「我們決定將 X 億 XRP 託管銷毀」，都將是關鍵轉折點。
網路實用性及採用指標：雖然銷毀提升了 XRP 的話題度，但若沒有充足需求，承諾也無法兌現。因此，投資人必須密切觀察 XRP 在現實世界的應用落地狀況。越來越多銀行和支付業者是否採用 XRP 進行跨境結算（透過 ODL）？RippleNet 及 XRPL 的交易量是否持續成長？應用數量（如 XRPL AMM、去中心化交易所、NFT 市集、即將上線的穩定幣 RLUSD 等）是否增加用戶？曾有好消息指出，XRP 創立 12 年來首次，單一帳戶持有至少 100 萬枚 XRP 的大戶（鯨魚）已突破 2,700 個，2025 年初活躍地址數也劇增。這代表參與者與關注度攀升。如果這些趨勢持續——更多鯨魚、更多日活用戶、更多應用整合——前景將極佳，因為銷毀會發生在更高基數之下。反之，如果增長停滯、用戶減少（或因競爭、技術瓶頸等），將削弱正面敘事。重點指標包括 XRPL 每日交易筆數、XRP 全網總成交量（鏈上與交易所）、帳戶/錢包成長數據、ODL 交易量（Ripple 偶爾會公佈）等。
市場情緒與監管消息：XRP 的歷程也離不開整個加密市場情緒與監管架構。投資人要密切觀察總體趨勢：屬於牛市時所有幣價皆上漲？這種情境下銷毀會可視為利多放大器。若處熊市，通縮幣種有時表現優於通膨型資產，但整體氣氛低迷一樣難倖免。監管明確性也極為關鍵。Ripple 於 2023 年在美國法院獲得部分勝訴——XRP 在二級市場銷售不屬於證券資格，這為 XRP 帶來一波正面激勵。若有進一步監管明朗（像其他國家確認 XRP 實用性、或美國徹底解決官司），便能帶來新需求（如先前下架的交易所重新上架）。如果出現 ETF 或其他與 XRP 相關的機構商品（即便只是市場傳聞），價格影響或將巨大。但負面進展（例如上訴失利或新限制出現）則可能壓抑需求。投資人應隨時評估這些發展如何影響銷毀效果。例如 ETF 炒作帶來巨量投資時，銷毀會讓價格彈性效果被放大，因供給無法隨需求一同擴張。反之，如果監管限制切斷部分市場，即便銷毀仍可能無法填補需求缺口。
競爭環境：XRP 並非孤立存在。支付與流動性市場競爭對手（如 Stellar、各類穩定幣、新興央行數位貨幣等）均會牽動 XRP 採用率。若銀行業最終全面偏好美元穩定幣而非 XRP 做跨境清算，即使供給減縮，需求依然難快速提升。不過 Ripple 正嘗試將 XRP 與穩定幣聯動（透過 RLUSD 與各種「橋」），這反而會提升 XRP 作為基礎層的使用頻率（因為手續費仍以 XRP 支付）。需關注 XRP 如何在這類替代方案面前找到有利定位。銷毀會成為亮點（「不同於隨時能增發的穩定幣，XRP 具備通縮和有限特性」），行銷得當將是競爭優勢。另外，也要密切追蹤新一代區塊鏈技術（更快、更可擴展的主鏈）發展。XRP 擁有十年歷史與 Ripple 的長期關係網，但市場競爭也在不斷演進。如果 XRP 分帳... 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（例如更多智慧合約功能或互操作性改進），可能吸引新的專案和交易進入，進而推動銷毀機制。投資人應留意XRPL協議的升級或修訂，這些可能會影響用量與銷毀——例如2023/24成功上線的AMM功能，就是直接與銷毀機制緊密相連的一個實例。

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).
價格走勢與關鍵水位：從技術分析的角度來看，XRP的交易者將會觀察在這些基本面發生作用時，市場的反應。2025年初，XRP出現快速上漲，自2018年以來首次突破2美元大關，部分原因是受到正面消息及敘事轉變的推動。分析師指出了一些重要價格關卡——例如2025年中約2.5美元被視為壓力位。如果XRP的銷毀機制能協助維持動能，突破這類關卡有可能帶來更長期的多頭走勢。一些樂觀預測甚至關注先前的歷史高點（如2018年1月的約3.84美元）及其以上。投資人應保持謹慎但留心：若XRP的基本面（用量＋銷毀）持續改善，其價格或許能挑戰歷史新高，但過程多半是波動劇烈且階段性的。觀察關鍵水位附近的成交量與委託簿深度，可以判斷長線持有者是否正在累積（多頭訊號），抑或分批出貨（這可能限制行情上漲）。
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，持續追蹤 Ripple 本身對這項策略的執行情況。目前為止，XRP的銷毀機制主要是XRPL本身的內生特性、及託管部分的假設。若 Ripple 希望真正讓這成為「遊戲規則改變者」，就必須多管齊下：成功推出RLUSD（藉由應用帶動XRP銷毀）、吸引更多客戶採用XRPL、甚至貢獻於網路基礎建設（例如激勵驗證者或XRPL開發者以支持生態系成長），並且與社群保持透明溝通。如果Ripple啟動回購銷毀XRP的計畫，或將部分利潤分配給代幣經濟學，理想上必須揭露資訊以建立信任。投資人可以做的一件事，就是閱讀Ripple每季發布的XRP市場報告（通常在官網公開），這些報告會列出XRP的銷售、購買及相關進展。報告將顯示Ripple對供給的態度是保守還是積極。例如，若報告顯示Ripple顯著減少了總持有XRP（超過已知銷毀以外），這可能代表Ripple已實質將部分XRP移出流通（可能上鎖或以其他方式處理）。

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.

總而言之，投資人應該採取全盤觀點來看待此議題。XRP 的銷毀機制只是龐大拼圖中的一片。可以把它想像成Ripple發動機中的一個新齒輪。若想知道車跑多快，你得考慮整組引擎和道路狀況，而不是只看一個齒輪。銷毀齒輪調整供給，確實可能讓最高時速（價值上限）提升，但前提是引擎（需求、採用度）必須運轉，且路況（市場環境）有利。觀察所有這些指標，你才能更準確判斷XRP的銷毀機制是否真的配得上「遊戲規則改變者」的稱號，還是僅是錦上添花的一環。

Conclusion: A Deflationary Turn for a Dynamic Asset

結論：動態資產邁向通縮轉型

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 積極推動XRP銷毀策略，凸顯加密貨幣產業的高度動態性——在這個產業，經濟機制的創新與技術創新同等重要。藉由讓通縮邏輯成為XRP發展故事的一部分，Ripple正在開創一條可能改變這項資產認知與估值的新道路。未來幾年，這項策略究竟能否成為XRP及其投資人的轉捩點，將受到檢驗。

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，銷毀機制背後的經濟邏輯穩固且歷久彌新：減少供給傾向於推升價值，並把網路的發展成功與代幣稀缺性綁定，是獎勵平台信仰者的強大方法。XRP最初內建的銷毀機制只是為了防止垃圾交易，如今已躍升為突顯其成熟資產地位的核心特徵之一——除了速度與效率外，XRP的代幣經濟也不斷精進。隨著總供給逐漸下滑，用途隨新應用（如穩定幣、DeFi、機構採用）可能大幅增長，XRP有機會邁入市場動態的全新階段。可想見，XRP未來或許有望晉升為通縮或極低通膨的加密資產，擺脫過去供給過剩的陰影。屆時，追尋「下一個大黑馬」的新世代投資人，將會用全新眼光檢視XRP——它不再只是那個長年屈居比特幣與以太坊之後的老幣，而是同時具備實用性與稀缺題材的新興強者。

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，老練的觀察者會知道：沒有哪一個單一因素能決定一種加密貨幣的命運。儘管XRP的銷毀機制重要，但它將與眾多其他發展同步發生。市場情緒會反覆起伏，監管風向可能轉變，競爭對手也不會停下腳步。銷毀並不是能一勞永逸解決所有問題的銀彈。現在選擇投資XRP的人，應保持清醒與審慎樂觀的心態。銷毀機制雖為XRP加分，但最後能否成功，仍需Ripple持續執行及有利的大環境配合。

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.

圍繞XRP的討論主軸確實發生了變化——從法庭攻防重新轉回技術與策略。在這轉折裡，XRP的銷毀機制凸顯Ripple願意不斷調整與精進的承諾。這向全球傳遞出一個信號：Ripple並不滿足於XRP初期的成就，而是積極推動其進化，以確保XRP在劇變的加密領域仍具關鍵地位。其它專案，乃至於跳脫加密產業的項目，都可能從這種思維獲得啟發。我們眼前其實正見證著一場在去中心化網路上運作的經濟治理實驗——這裡企業利益與社群聲音取得某種平衡。如果操盤得當，這將成為大型加密資產如何再生與未來化的典範案例。

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.

當下的XRP，無疑站在聚光燈下。這個過去人們多以銀行採用及法律爭議來談論的代幣，如今話題中心已轉向通縮里程碑與網路指標。這會否轉化為持續成長及更高的價格基礎？答案將在未來數月乃至數年浮現。投資人必須持續關注——追蹤鏈上資料、聆聽Ripple公告、觀察整體加密市場如何接納XRP的變革。

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.

XRP的銷毀機制最終是否能成為真正的「遊戲規則改變者」，還需事後驗證。但可以肯定的是：Ripple的積極策略，已為XRP社群及敘事注入新動能。這種創新和敏捷正是加密產業的寫照。在「程式即法律」與「社群主導演化」的時代，Ripple和XRP正展現出：即便頂尖的資深加密幣，也能夠重塑自身某些面向，以力拼新的成長階段。在此過程中，XRP的旅程一如既往，是加密世界裡最受矚目的篇章之一——這趟旅程，如今部分由銷毀之火驅動，XRP宛如浴火重生般，尋求再度高飛。

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.

如同以往，投資人及愛好者都應保持平衡觀點：正視潛力、謹慎面對風險，也要懂得珍惜——我們正親眼見證一場金融博弈論與去中心化治理的現場實驗。Ripple推動XRP銷毀策略，也許能夠、也許無法根本改寫加密市場的遊戲規則，然而它確實讓這個全球矚目的數位資產故事增添一章新精彩。全球都將關注這一切如何發展——以及這場供給稀缺賭局，最終是否能在XRP這場史詩中修成正果。