大多数投资者很早就得知，当供应满足新鲜需求时，市场会转移。

目前，XRP（XRP -3.43％）每个令牌换手2.25美元。这并不能自行尖叫。但是，如果三个关键的催化剂不断收集蒸汽，它确实设定了一个非常低的栏，以使其上升空间。

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.

大多数投资者很早就得知，当供应满足新鲜需求时，市场会转移。目前，XRP（XRP -3.43％）每个令牌换手2.25美元。这并不能自行尖叫。

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

但是，如果三个关键的催化剂不断收集蒸汽，它确实设定了一个非常低的栏，以使其上升空间。

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.

这些发展中的每一个都以持久的方式构建了XRP的核心叙事。如果他们在接下来的5年中汇聚在一起（看起来像是他们的意愿），则将100％转移至每枚硬币4.50美元，将成为一个伸展目标，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，触发器在区块链以及董事会中都可以看到。让我们检查一下这三种催化剂，它们带来的风险以及接下来观看的标志。

1. An always-on liquidity engine

1。始终对流动性引擎

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动营销商（AMM）修正案，为Ledger提供了一个内置的流动性池，而不是仅依靠极限订单。

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.

换句话说，XRP自己的流动性可以立即解决交易，而不是等待购买和出售订单。这升级到链条虽然本质上是技术性的，但对其对机构投资者的吸引力具有很大的影响。

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.

流动性提供商（这实际上意味着任何资本庞大的球员）现在可以赚取费用而不会离开网络，这是旨在使资产停放在连锁店而不是跳向集中交易所的变化。

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.

永久流动性很重要，因为它会压缩利差并降低滑倒。这些是机构要求的价格稳定性品质，然后再通过区块链路由大量资本。换句话说，新的AMM帮助大型资本持有人更有效地交易。

Image source: Getty Images.

图像来源：盖蒂图像。

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

假设加密货币的AMM不断积累资产，则该网络可能会成为交换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.

这将支持持久的交易需求，并创建一个自我增压周期，使机构可以轻松移动并持有越来越多的资金。

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.

从长远来看，将在区块链上跟踪越来越多的资产。据说在链条上跟踪的资产被称为“令牌”，因为它们的所有权由加密代币代表。 XRP处于良好状态，可以成为该方面领先的区块链之一，从而从希望代币和管理其资本的资产持有人那里捕捉到大量流入。

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.

波士顿咨询小组估计，到2030年，标记现实世界资产（RWA）的市场价值约为16万亿美元，约占全球国内生产总值的10％。 XRP通过飞行员钓鱼了这笔款项，这些飞行员​​将房地产契据和其他资产映射到其交易分类帐。

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背后的公司Ripple Labs的官方博客最近以合规性和内置控件作为主要销售点强调了一些现场财产 - 绑架测试。

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仅托管四个RWA代币平台，价值约1.17亿美元。目前，这个微小的基础是一个错误，但也是一个功能。如果即使预计16万亿美元的1％最终在XRP Ledger上托管，硬币持有人将分享1600亿美元以北的水池，这比硬币目前的1320亿美元的市值还要高。

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，仅基于潜在流入，硬币的价值就可以两倍多，这是在考虑到其估值倍数的任何变化之前，因此会遇到的任何变化。

3. Big treasuries, lighter regulators

3。大国库，较轻的监管机构

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.

流动性发动机和资产管理轨道的行为很少，没有任何资本可以移动。对于XRP而言，该资本最终以寻求购买和持有的公司国库的形式到达。

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正在为可再生能源公司Vivopower提供1亿美元的XRP购买。电子商务集团Webus也于6月2日申请了3亿美元的XRP储备。

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.

相对于所有公司现金库的总和，这些款项微不足道，但是它们验证了新用途：XRP中的闲置美元以按需解决付款或对菲亚特货币摩擦的对冲。随着越来越多的加密财务主管复制本剧本，XRP的自由浮动供应将缩小，这给价格带来了另一轮压力。

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.

关于XRP的持续法规解冻是另一个关键维度。证券交易委员会（SEC）与波纹之间的长期战斗在三月和解协议后返回了7500万美元的罚款，并以长达一年的法定法律贷款的罚款关闭了大门。

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,

随着监管云的提升，现在对任何法律歧义的表情不满意的美国机构现在有了更清晰的途径，可以在XRP中保持或交易。从长远来看，监管机构将保持允许