The XRP exchange-traded fund has been live for less than a month, and its total holdings have already surpassed the $1 billion mark. That’s some impressive speed.

According to tracking data from XPMarket, institutions like Canary Capital, Franklin Templeton, Bitwise, and Grayscale have piled in, with net inflows alone approaching $900 million. Clearly, traditional finance is changing its attitude toward XRP. 21Shares, CoinShares, and WisdomTree are also about to launch their own products. What’s even more exciting is that BlackRock and Fidelity, the two giants, are still on the sidelines—if they enter the game, things could get even crazier.

So what’s next?

First, more money will keep flowing in. New institutions are lining up to launch products, and existing players may continue to act, so inflows are unlikely to stop anytime soon. It’s almost certain that the ETF size will keep expanding.

Second, Wall Street is going to take XRP more and more seriously. With so many asset management firms already involved, if a few heavyweight players really join in, XRP’s status in mainstream finance will only get stronger. More institutions will follow suit, not fewer.

That said, price movement is another story. Today, XRP dropped nearly 2%, showing that market sentiment is still volatile. Long-term optimism is one thing, but short-term swings are another. Capital inflows and news changes can make the price jump up and down. Anyone looking to enter should be mentally prepared.

In short, the XRP ETF fire has been lit, but how big it gets and how long it burns remains to be seen.