On the Morpho protocol between November 7 and 13, 883 liquidation events enabled liquidators to repay just over 4 million USDC and seize approximately 4.18 million cbXRP. The lending market on Base still carried 53.53 million USDC in debt and 121.7 million cbXRP in collateral. Every liquidation analyzed was fully covered by collateral, with no bad debt. A November 10 transaction shows that 218,175 seized cbXRP was transferred to another address in exchange for USDC and wrapped ETH, but no link to native XRP selling was established. An estimate based on November 6 positions indicated that a further 10% decline in the oracle price could make 8.84 million USDC in debt eligible for liquidation.
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