XRP spot ETF has accumulated over $1 billion in funds, but some institutional investors remain skeptical and consider it a meme coin.

On January 10, since its listing in November 2025, the XRP spot ETF has absorbed over $1 billion in funds. However, some analysts predict that this wave of enthusiasm may not last. Brian Huang, co-founder of the investment platform Glider, stated: “The core of investment lies in growth potential and which builders are developing on this blockchain. When we look at the builder attention in a16z’s investment landscape, XRP even failed to make the list.” Huang’s skepticism stems from the lack of XRP ecosystem builders. “The infrastructure and applications created by builders can drive ecosystem development and increase the value of the underlying token,” Huang explained. “Without builders, XRP’s growth will be extremely limited. Most large institutional investors do not even consider Ripple-associated XRP as a serious project. Institutional investors holding the majority of crypto ETFs may be reluctant to hold XRP, viewing it as a meme coin.”