关于XRP的托管及其对市场的影响的长期辩论最近引起了Steam

这种兴起挑战了托管垃圾场理论，该理论声称波纹的每月托管释放会导致市场的波动。

The long-running debate about XRP’s escrow and its influence on the market has picked up steam lately because of crypto lawyer Bill Morgan’s comments on social media.

关于XRP的托管及其对市场的影响的长期辩论最近由于加密律师比尔·摩根（Bill Morgan）在社交媒体上的评论而引起了Steam。

The discussion was about the role of Ripple’s escrow in the price of XRP after the digital asset’s price rose from $0.50 to over $3.00 even though releases from escrow continued in late 2024 and early 2025.

讨论是关于Ripple的托管在XRP价格上的作用，即使数字资产的价格从0.50美元上涨至3.00美元以上，即使托管发行的发行在2024年底和2025年初。

This rise challenges the “escrow dump” theory, which claims that Ripple’s monthly escrow releases cause the market’s volatility.

这种崛起挑战了“托管垃圾场”理论，该理论声称波纹的每月托管释放引起了市场的波动。

Bill Morgan took on the misconception in a post, pointing out that the monthly XRP released from escrow is a small percentage of the overall daily trading volume. As the total XRP supply increases, the relative rate of XRP held in escrow keeps going down.

比尔·摩根（Bill Morgan）在一篇文章中犯了误解，指出从托管中发布的每月XRP是每日交易量的一小部分。随着XRP总供应的增加，托管中XRP的相对速率保持下降。

According to Morgan, even if the volume of XRP released from escrow stayed the same while the total supply grew, the market’s response would not match claims of an “escrow dump.”

据摩根说，即使托管释放的XRP量在总供应量增长的同时保持不变，市场的反应也无法符合“托管垃圾场”的主张。

He stressed that the escrow releases, which make up a decreasing percentage of XRP’s total supply, do not have the harmful effect that critics suggest.

他强调，托管释放构成了XRP总供应量减少的降低，因此没有批评家所暗示的有害影响。

The larger point made by Morgan was that the narrative surrounding the “escrow dump” theory was not only flawed but also not supported by the market’s actual behavior.

摩根提出的更大的观点是，围绕“托管垃圾场”理论的叙述不仅存在缺陷，而且不受市场的实际行为的支持。

He highlighted how, even as Ripple continues to release XRP from escrow, the asset’s price rose, showing that the issue lay elsewhere if price declines were to happen in the future.

他强调了即使波纹继续从托管释放XRP，资产的价格上涨了，这表明，如果将来的价格下降，问题就在其他地方。

This debate comes as Ripple’s legal fight continues. The firm has faced scrutiny from the U.S. Securities and Exchange Commission (SEC), which has argued that Ripple’s escrow program is a major factor in influencing XRP’s price.

随着Ripple的法律斗争仍在继续。该公司已面临美国证券交易委员会（SEC）的审查，该委员会认为，Ripple的托管计划是影响XRP价格的主要因素。

However, in November 2024, Morgan explained that Ripple’s share of XRP holdings had decreased from 55% in 2020 to below 39%. This change demonstrates Ripple’s decreasing control over the asset, further challenging the notion that the company’s escrow releases are a major factor in XRP’s price movements.

但是，在2024年11月，摩根解释说，Ripple在XRP Holdings的份额从2020年的55％下降到低于39％。这一变化表明了波纹对资产的控制权减少，进一步挑战了公司的托管发行是XRP价格变动的主要因素。

The conversation around XRP also includes a comparison to Bitcoin regarding market price movements.

XRP围绕的对话还包括与比特币有关市场价格变动的比较。

While Bitcoin has seen growth with institutional involvement and more adoption, XRP’s price trend has not mirrored the same success.

尽管比特币随着机构的参与和更多的采用而增长，但XRP的价格趋势并没有反映出同样的成功。

As DefiBanked.sol, a notable crypto commentator, highlighted, XRP’s price has been relatively stagnant, with fluctuations only occurring when external factors, such as political statements, reignite interest in the asset.

正如Defibanked.sol所强调的一位著名的加密评论员，XRP的价格相对停滞，只有在外部因素（例如政治声明）重新点燃资产的利益时，就会发生波动。

The crypto community remains divided, with some defending XRP’s claimed use cases, while others criticize its lack of real utility outside of speculative predictions and corporate partnerships.

加密社区仍然分裂，有些人捍卫XRP声称的用例，而另一些人则批评其在投机性预测和公司合作伙伴关系之外缺乏真正的效用。