Installing Xcode with “not enough disk space available”

Phrases like “Xcode Beta 1X.Y.Z is out now” or “Did you try the new features of the latest Xcode update yet?” fill an iOS/macOS developer with joy. A new IDE update can be something similar to, e.g. a new knife for a chef, or a kid receiving the toy it always wanted.

But then, the devastating moment, destroying all happiness at once:

“Xcode.xip can’t be expanded because the current volume doesn’t have enough free space.”