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XRP slipped below the critical $2 level even as U.S.-listed spot XRP exchange-traded funds (ETFs) continued to attract strong institutional demand, raising questions about how much further the price could fall amid weakening technical structure.Key TakeawaysSpot XRP ETFs have recorded 20 consecutive days of inflows, totaling nearly $1.2 billion since launch.XRP price lost the $2 psychological support and key technical levels.On-chain data points to $1.78, $1.61, and $1.40 as major downside support zones.Momentum indicators suggest downside pressure remains elevated.Spot XRP ETFs Attract Nearly $1B in Just Three WeeksInstitutional appetite for XRP-linked investment products remains robust despite recent price weakness.According to data from SoSoValue, U.S.-based spot XRP ETFs added $20.2 million in net inflows on Friday, extending their streak to 20 straight trading days of positive flows. Cumulative inflows now stand at approximately $990.9 million, with total assets under management exceeding $1.2 billion.The Franklin XRP ETF (XRPZ) led the day’s activity with $8.7 million in inflows, bringing its net assets to roughly $175 million. The Bitwise XRP ETF (XRP) and Canary XRP ETF (XRPC) also saw fresh inflows, while products from Grayscale and 21Shares reported flat flows.By comparison, spot Bitcoin ETFs recorded $49 million in inflows on the same day, while spot Ether ETFs saw $19.4 million in net outflows, highlighting XRP’s relative strength in institutional allocation.“U.S. spot XRP ETFs have now recorded 20 straight days of inflows since launch, even as BTC and ETH ETFs continue to struggle,” analyst Bitcoinsensus noted on X, adding that institutional demand for XRP is “heating up fast.”XRP Price Breaks Below $2 as Technical Structure WeakensDespite the steady ETF inflows, XRP price action has deteriorated materially.XRP has fallen more than 11% over the past 10 days, dropping below the $2 level for the second time since late November. The breakdown occurred alongside a loss of key moving-average support, signaling a continuation of the broader downtrend.At press time, XRP is trading near $1.92, testing a daily order block around $1.93, according to Glassnode data. This zone offers limited structural support, increasing the risk of further downside.On-Chain Data Highlights Key Downside LevelsGlassnode’s UTXO Realized Price Distribution (URPD) provides insight into where significant clusters of XRP were previously accumulated.Below $1.90, the data shows relatively thin buying interest, suggesting fewer holders may defend the price.The next meaningful support lies near $1.78, where roughly 1.85 billion XRP were acquired.A decisive break below $1.78 could expose the $1.61 local low.Below that, the 200-week exponential moving average (EMA) near $1.40 emerges as a critical long-term support level and potential bear-market floor.These levels align with previous cycle lows and represent areas where buyers may attempt to reassert control.Momentum Indicators Point to Continued RiskMomentum signals reinforce the cautious outlook. XRP’s relative strength index (RSI) has dropped to its lowest level since July 2024, reflecting accelerating downside momentum and weak buyer conviction.Unless XRP can reclaim the $2 level with strong volume, technical analysts warn that the path of least resistance remains lower.ETF Demand vs. Market StructureThe divergence between strong ETF inflows and declining spot prices suggests that XRP ETFs are being used more for long-term structural exposure rather than short-term price support.While institutional accumulation strengthens XRP’s longer-term investment case, near-term price action remains vulnerable as technical damage mounts and broader crypto market sentiment stays cautious.A sustained recovery would likely require XRP to reclaim $2.00–$2.05 decisively. Failure to do so keeps $1.78, $1.61, and $1.40 firmly in focus for traders and investors.