By Isaac • November 13, 2026 7:37 pm •
A sharp drop in XRP put a concentrated pocket of decentralized-finance borrowing under real pressure this week.
Researchers counted 883 liquidation events in the cbXRP/USDC market on Morpho’s Base deployment between November 7 and early November 13. Liquidators repaid more than 4 million USDC and took more than 4.18 million cbXRP as collateral.
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The unwind was significant, but the most important number may be what remains: roughly $53.5 million in USDC debt was still outstanding in the market.
CryptoSlate analyzed Morpho’s indexed liquidation records and found that the selected events repaid 4,016,076 USDC while seizing 4,181,584 cbXRP. The records reported zero bad debt, meaning the liquidated collateral covered the debt in those events.
The review covered
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