$XRP The collateralized lending market is exposing its structural risks. The latest on-chain data shows that 883 liquidation events have been triggered in this ecosystem, leaving borrowers with cumulative losses of approximately 4.18 million cbXRP. These liquidations were concentrated in a lending pool that uses cbXRP as collateral to borrow USDC. During the liquidations, liquidators repaid over 4 million USDC in debt in total, reflecting significant pressure on the market. As of November 13, the market still had approximately 53.5 million USDC in outstanding debt, backed by 121.7 million cbXRP in collateral. The pool's liquidation loan-to-value threshold is 62.5%; if collateral prices continue to fall, more loans will enter the liquidation zone. Model estimates show that if prices drop another 10%, approximately 8.84 million USDC in debt will be at risk of liquidation. For traders, the key now is to continuously track changes in collateral value and the marginal increase in liquidation volume. Borrowers have only two options: repay their debt or add collateral. How the seized cbXRP is subsequently handled will directly affect potential selling pressure faced by XRP holders, making it worth close attention. $XRP#Liquidation #CryptoNews Risk warning: The above content is only an interpretation of market data and does not constitute investment advice. Crypto assets are highly volatile; please assess the risks yourself before participating in lending or trading.