XRP loans trigger 883 liquidations, and $53M remains at risk

XRP-backed borrowers surrendered about 4.18 million cbXRP in 883 liquidation events on Morpho, as liquidators repaid just over 4 million USDC of debt. The activity took place in a lending market on Base where borrowers pledge cbXRP to borrow USDC. CryptoSlate's analysis of Morpho's indexed transaction records covers Nov. 7 at 10:30:51 UTC through Nov. 13 before 13:00 UTC. The 883 events count individual liquidation logs, so one person can be represented more than once. A later snapshot on Nov. 13 still showed 53.53 million USDC outstanding. An earlier loan-stress coverage used Nov. 6 positions to estimate that a further 10% oracle-price decline could bring 8.84 million USDC of debt across 1,070 positions to liquidation eligibility, assuming balances stayed unchanged.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CryptoSlate.