XRP Lending Launches on Ethereum as Whales Dominate Morpho Market
XRP (XRP)
Editor:
Eugene Serbin
cvj.ai reports that XRP has entered live dollar borrowing on Ethereum via a Morpho market backed by FXRP, launched in August through Flare. Holders can mint FXRP, bridge it to Ethereum, and borrow Ripple’s RLUSD stablecoin without selling their XRP exposure. As of October 1, the market held 7.18 million RLUSD in outstanding loans against 10.76 million FXRP as collateral.
Activity is heavily concentrated, with the three largest addresses accounting for 93% of the debt. Liquidity provision is dominated by Sentora RLUSD Main, which supplied about 8.53 million RLUSD, leaving room for up to 10 million RLUSD in total supply. The three biggest borrowers have liquidation buffers of roughly 45% and 38%, while a smaller position with 121,000 RLUSD of debt faces a 21% buffer.
Some smaller borrowers recorded liquidations in September, but no bad debt was observed by October 1. Developers are preparing to bring lending directly onto the XRP Ledger, which would allow fixed-term credit to originate on the network without bridging to Ethereum. This native architecture aims to reduce cross-chain friction and introduce a different credit model with pre-underwritten loans. The concentration of debt among few large borrowers suggests that rising outstanding debt may not yet reflect broad adoption by new users.
How the market reacted
Whalio's own Binance spot order flow for XRP, measured when this story was written up on 2 October 2026. Not the outlet's figures.
XRP is trading at $1.49 with a 1-hour buy ratio of 54.0%, indicating that buyers are currently outpacing sellers in the short term. This 1-hour reading is higher than the 4-hour buy ratio of 50.6%, suggesting that buying pressure is building rather than fading over the immediate past. Over the last 24 hours, the buy ratio stands at 52.3%, showing a consistent majority of buy-side volume. The 24-hour volume delta is positive at $7,806,520, meaning that the total volume of buy orders exceeded sell orders during this period. This positive delta confirms that net capital is flowing into the spot market, supporting the current price level of $1.49.
The latest daily buy ratio of 50.6% sits at the 83rd percentile of the last 322 days, against a median of 48.5% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for XRP, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.5%, making today’s 24-hour ratio of 52.3% an unusual day with 3.8 points more buying pressure than the weekly average. However, the 24-hour spot volume of $169,889,610 is only 0.60x the weekly average, indicating that this buying activity is occurring on lower-than-normal volume. While the buy ratio is elevated, the volume delta over the past 8 days totals -$18,231,235, showing that net selling has dominated the broader timeframe. The price has declined by 2.7% over the last 8 days, with net buying occurring on only 3 of the past 7 days. This suggests that while today shows stronger relative buying, the overall weekly trend remains weighted toward selling.