大多數投資者很早就得知，當供應滿足新鮮需求時，市場會轉移。

目前，XRP（XRP -3.43％）每個令牌換手2.25美元。這並不能自行尖叫。但是，如果三個關鍵的催化劑不斷收集蒸汽，它確實設定了一個非常低的欄，以使其上升空間。

Most investors learn early that markets move when supply meets fresh demand. Right now, XRP (XRP -3.43%) changes hands near $2.25 per token. That doesn't scream excitement on its own.

大多數投資者很早就得知，當供應滿足新鮮需求時，市場會轉移。目前，XRP（XRP -3.43％）每個令牌換手2.25美元。這並不能自行尖叫。

It does, however, set a remarkably low bar for upside if three key catalysts keep gathering steam.

但是，如果三個關鍵的催化劑不斷收集蒸汽，它確實設定了一個非常低的欄，以使其上升空間。

Each one of these developments builds XRP's core narrative in durable ways. If they converge over the next 5 years (and they look like they will), a 100% move to roughly $4.50 per coin becomes a stretch goal rather than a fantasy.

這些發展中的每一個都以持久的方式構建了XRP的核心敘事。如果他們在接下來的5年中匯聚在一起（看起來像是他們的意願），則將100％轉移至每枚硬幣4.50美元，將成為一個伸展目標，而不是幻想。

What's more, the triggers are already visible on the blockchain, as well as in boardrooms. Let's examine these three catalysts, the risks they carry, and the signs to watch next.

更重要的是，觸發器在區塊鏈以及董事會中都可以看到。讓我們檢查一下這三種催化劑，它們帶來的風險以及接下來觀看的標誌。

1. An always-on liquidity engine

1。始終對流動性引擎

In March 2024, the XRP Ledger activated its long-awaited automated market-maker (AMM) amendment, giving the ledger a built-in liquidity pool instead of relying solely on limit-order books.

2024年3月，XRP Ledger激活了期待已久的自動營銷商（AMM）修正案，為Ledger提供了一個內置的流動性池，而不是僅依靠極限訂單。

In other words, XRP's own liquidity can settle transactions right away, rather than wait for matching buy and sell orders. This upgrade to the chain, while technical in nature, has big implications for its attractiveness to institutional investors.

換句話說，XRP自己的流動性可以立即解決交易，而不是等待購買和出售訂單。這升級到鏈條雖然本質上是技術性的，但對其對機構投資者的吸引力具有很大的影響。

Liquidity providers (which effectively mean any players with large volumes of capital) can now earn fees without their money leaving the network, which is a change aimed at keeping assets parked on the chain rather than hopping to centralized exchanges.

流動性提供商（這實際上意味著任何資本龐大的球員）現在可以賺取費用而不會離開網絡，這是旨在使資產停放在連鎖店而不是跳向集中交易所的變化。

Permanent liquidity matters because it compresses spreads and lowers slippage. These are price-stability qualities that institutions demand before routing large flows of capital through a blockchain. In other words, the new AMM helps large capital holders to transact more efficiently.

永久流動性很重要，因為它會壓縮利差並降低滑倒。這些是機構要求的價格穩定性品質，然後再通過區塊鏈路由大量資本。換句話說，新的AMM幫助大型資本持有人更有效地交易。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

Assuming the crypto's AMMs keep accumulating assets, the network could become the cheapest place to swap stablecoins and XRP itself.

假設加密貨幣的AMM不斷積累資產，則該網絡可能會成為交換stablecoins和XRP本身的最便宜的地方。

That would underpin durable transactional demand and create a self-reinforcing cycle wherein institutions can easily move and hold larger and larger amounts of money.

這將支持持久的交易需求，並創建一個自我增壓週期，使機構可以輕鬆移動並持有越來越多的資金。

2. Tokenizing the tangible world

2。使有形的世界化

Over the long term, more and more assets will be tracked on blockchains. Assets that are tracked on chains are said to be "tokenized" because their ownership is represented by a crypto token. XRP is well positioned to be one of the leading blockchains on that front, capturing massive inflows from asset holders looking to tokenize and manage their capital.

從長遠來看，將在區塊鏈上跟踪越來越多的資產。據說在鏈條上跟踪的資產被稱為“令牌”，因為它們的所有權由加密代幣代表。 XRP處於良好狀態，可以成為該方面領先的區塊鏈之一，從而從希望代幣和管理其資本的資產持有人那裡捕捉到大量流入。

The Boston Consulting Group estimates that the market for tokenized real-world assets (RWAs) will be worth roughly $16 trillion by 2030, or approximately 10% of global gross domestic product. XRP is angling for a big slice of that sum via pilots that map real estate deeds and other assets to its transaction ledger.

波士頓諮詢小組估計，到2030年，標記現實世界資產（RWA）的市場價值約為16萬億美元，約佔全球國內生產總值的10％。 XRP通過飛行員釣魚了這筆款項，這些飛行員​​將房地產契據和其他資產映射到其交易分類帳。

The official blog of Ripple Labs, the company behind XRP, recently highlighted a handful of live property-token tests, using compliance and built-in controls as chief selling points.

XRP背後的公司Ripple Labs的官方博客最近以合規性和內置控件作為主要銷售點強調了一些現場財產 - 綁架測試。

For now, the ledger hosts only four RWA token platforms, which are worth about $117 million. That tiny base is, at the moment, a bug but also a feature. If even 1% of that projected $16 trillion ends up hosted on the XRP ledger, coin holders would be sharing a pool north of $160 billion, which is more than the coin's current market cap of $132 billion.

目前，Ledger僅託管四個RWA代幣平台，價值約1.17億美元。目前，這個微小的基礎是一個錯誤，但也是一個功能。如果即使預計16萬億美元的1％最終在XRP Ledger上託管，硬幣持有人將分享1600億美元以北的水池，這比硬幣目前的1320億美元的市值還要高。

So just on the basis of the potential inflows alone, the coin could more than double in value, and that's before taking into account any changes to its valuation multiple that it would experience as a result.

因此，僅基於潛在流入，硬幣的價值就可以兩倍多，這是在考慮到其估值倍數的任何變化之前，因此會遇到的任何變化。

3. Big treasuries, lighter regulators

3。大國庫，較輕的監管機構

Liquidity engines and asset management rails do very little without having any capital to move. For XRP, that capital is finally arriving in the form of corporate treasuries that are looking to buy and hold it.

流動性發動機和資產管理軌道的行為很少，沒有任何資本可以移動。對於XRP而言，該資本最終以尋求購買和持有的公司國庫的形式到達。

BitGo is facilitating a $100 million XRP purchase for renewable-power company VivoPower as of early June. Webus, an e-commerce group, just filed for a $300 million XRP reserve on June 2 as well.

截至6月初，Bitgo正在為可再生能源公司Vivopower提供1億美元的XRP購買。電子商務集團Webus也於6月2日申請了3億美元的XRP儲備。

These sums are minuscule relative to the sum of all corporate cash coffers, yet they validate a new use: parking idle dollars in XRP to settle payments on demand or hedge against fiat currency friction. As more crypto treasurers copy this playbook, XRP's free floating supply will shrink, which puts another round of upward pressure on the price.

相對於所有公司現金庫的總和，這些款項微不足道，但是它們驗證了新用途：XRP中的閒置美元以按需解決付款或對菲亞特貨幣摩擦的對沖。隨著越來越多的加密財務主管複製本劇本，XRP的自由浮動供應將縮小，這給價格帶來了另一輪壓力。

The ongoing regulatory thaw regarding XRP is another key dimension. The long fight between the Securities and Exchange Commission (SEC) and Ripple is winding down after a March settlement that returned $75 million of fines and closed the door on a years-long legal slugfest.

關於XRP的持續法規解凍是另一個關鍵維度。證券交易委員會（SEC）與波紋之間的長期戰斗在三月和解協議後返回了7500萬美元的罰款，並以長達一年的法定法律貸款的罰款關閉了大門。

With the regulatory cloud lifting, U.S. institutions that were unhappy about any semblance of legal ambiguity now have a clearer path to hold or transact in XRP. It is not at all guaranteed that regulators will remain permissive over the long run,

隨著監管雲的提升，現在對任何法律歧義的表情不滿意的美國機構現在有了更清晰的途徑，可以在XRP中保持或交易。從長遠來看，監管機構將保持允許