A 10% decline in the reference price at around 13:24 UTC on November 6 would expose about 8.84 million USDC in debt to liquidation on Morpho on Base. A 5% decline would make 462 positions eligible, carrying roughly 3.23 million USDC in debt. The market has 59.2 million USDC in debt backed by 119.9 million cbXRP, with a liquidation loan-to-value threshold of 62.5%. Repayments and collateral additions can reduce the exposure, while liquidations exchanging USDC for cbXRP do not necessarily imply native XRP sales without separate transaction evidence.
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