A further 10% decline in the collateral price recorded around 13:24 UTC on Nov. 6, 2026, would make 1,070 positions in a Morpho lending market on Coinbase’s Base network eligible for liquidation, representing $8.84 million in USDC debt under fixed-position assumptions. The positions borrow USDC against cbXRP, a Coinbase token backed 1:1 by native XRP held in its custody. A smaller 5% decline would affect 462 positions carrying $3.23 million in debt. The market held about 59.24 million USDC of outstanding debt against 119.87 million cbXRP, making the 10% stress bucket nearly 15% of total borrowing. XRP had recently fallen 10% toward an 11-week low near $1.18. Morpho’s liquidation threshold is 62.5% loan-to-value, meaning a position beginning at 60% LTV would rise to about 66.7% after a 10% collateral-price decline if debt and collateral quantities stayed unchanged. Borrowers can reduce exposure by repaying debt or adding collateral. The estimates do not establish that liquidations or XRP sales occurred: liquidators would first exchange debt repayment for collateral, and any sale of native XRP would require separate transaction evidence. The episode highlights the growth of XRP-backed credit, including Coinbase’s expanded lending services, Maple loans backed by 225 million XRP and valued at $152 million, Flare’s RLUSD lending integration and Ripple’s exploration of XRP-collateralized institutional credit. A proposed native XRPL lending system remains subject to validator approval.