How much can you borrow against XRP, and who sets the haircut?

The full answer

The lender decides how much of XRP’s value counts. It takes the market price times the quantity, then cuts that number by a haircut. Loan-to-value is the other side of the same figure: a 30% loan-to-value means a 70% haircut (our arithmetic). Lenders also set the margin-call level (Nexo’s loan-to-value thresholds) and how much of one asset they will take (Coinbase International’s account collateral limit for XRP).

Figures such as $40 million to $70 million against $100 million of XRP are illustrations, not published terms.

How is collateral value calculated?

Coinbase International Exchange describes its method for margin collateral on a help page. It says it starts from notional value, cuts it by a haircut, and applies the larger of a fixed per-asset haircut and one that is adjusted according to the amount pledged.[1] Its public asset list, read on September 29, 2026, gives XRP a “collateral_weight” of 0.9, against 0.925 for bitcoin and ether.[16]

Central banks use the same logic. The Federal Reserve’s discount window says its margins “are applied to the Reserve Banks’ fair market value estimates and are designed to account for the historical price volatility.”[2] CME Group says margins on its crypto futures are set in line with each product’s volatility and liquidity.[3] Price swings, and how easily a lender could sell, drive the number.

Who sets the haircut on XRP?

Each lender or venue sets its own, and only some publish a figure for XRP:

• Nexo’s XRP page lists XRP at 30% loan-to-value.[4]
• Ripple’s November 3, 2025 release on Ripple Prime’s US service gives no haircut, loan-to-value or financing term for XRP, as read on September 29, 2026.[5]
• Coinbase International’s public programming interface gives XRP a collateral weight of 0.9.[16]
• Bitnomial announced on November 3, 2025 that XRP margin deposits are available for institutional clients.[6]

The derivatives venues that take XRP as margin are compared on where XRP can be used as margin.

How do XRP loan-to-value limits compare with bitcoin and ether at the same lenders?

Nexo is the one lender I found that publishes loan-to-value figures for all three. Its borrowing pages, checked September 29, 2026, list bitcoin and ether at 50% loan-to-value, the stablecoins USDT and USDC at 90%, and its own NEXO token at 15%.[7] XRP is at 30%.[4] When Nexo extended zero-interest credit to XRP and solana in April 2026, crypto.news reported it was “0% APR at a 30% loan‑to‑value (LTV) ratio for SOL and XRP,” with “minimum collateral thresholds of 100 SOL or 5,000 XRP.”[8]

By my calculation, $100 million of XRP at Nexo’s published rate supports at most $30 million of borrowing, against $50 million for the same value of bitcoin. Illustrations such as $40 million to $70 million against $100 million of XRP are not terms any lender had published as of September 29, 2026.

How volatile has XRP been over 30-, 90- and 365-day windows?

Only 30-day readings were found. The Crypto Basic, citing a CryptoQuant analyst, reported on March 25, 2026 that “the Binance $XRP Realized Volatility (30D) has declined sharply,” to 0.5266, the lowest level in 2026 to that date.[9] Analytics Insight reported on August 6, 2026 a “30-day realized volatility near 0.34, the lowest level in three months.”[10] No published 90-day or 365-day figure was found in searches on September 29, 2026.

Price moves over longer windows show the range lenders have to allow for. Bitget News reported on July 17, 2026 that XRP’s record high was $3.65 on July 17, 2025, and that a year later it traded “roughly 70% below that mark.”[11] CoinDesk reported that between August 17 and 31, 2026, XRP rose from about $0.99 to $1.38.[12] CoinGecko showed $1.49 on September 29, 2026.[13] On our reading, a lender that saw a 70% fall inside a year has reason to keep XRP’s loan-to-value well below that of a stablecoin. How XRP’s swings compare with bitcoin’s is on how volatile XRP is.

Can a lender sell XRP collateral after a default?

The only lender terms found are Nexo’s for bitcoin loans, and they allow sales before a default. No XRP-specific liquidation terms were public as of September 29, 2026. Nexo’s bitcoin loan page says: “The platform may execute partial or full automatic repayments or collateral sales to manage loan-to-value thresholds, including during fast-moving markets when notifications may not be timely.” It adds that “Liquidation/automatic repayments may occur (including without prior notice).”[14] Regulated stock margin works the same way. The SEC’s Investor.gov warns that a broker may be able to sell a customer’s securities at any time without consulting them first.[15]

That is the main risk for a borrower. A price drop can force a sale at the low point, which is covered on what happens to an XRP-backed loan if the price drops. Lender failures are covered on what happened to XRP at crypto lenders that collapsed, and the tax side of borrowing on tax on XRP in Canada and the US.