A 10% XRP Drop Could Put $8.84 Million in cbXRP-Backed Loans at Risk

By Isaac • November 7, 2026 11:57 pm •

A fresh snapshot of one XRP-backed lending market shows how quickly leverage can become uncomfortable when collateral prices fall.

The numbers are significant: another 10% decline from the observed collateral price could make positions carrying roughly $8.84 million in USDC debt eligible for liquidation. But that is a conditional stress test, not evidence that those liquidations have already happened.

CryptoSlate reports that the November 6 snapshot covered 1,070 positions in a Morpho market on Base. Those borrowers had posted cbXRP, Coinbase’s XRP-backed token, while borrowing USDC.

The snapshot placed about $8.84 million of debt inside the further-10% stress bucket, assuming debt and collateral quantities stayed unchanged. A smaller 5% decline would put 462 positions carrying about