If to measure the quality of the game temporarily then on paper Liverpool is favored because it has a stable and promising performance. It's just that Madrid is still Madrid who even in bad conditions can rise to provide resistance. Currently Madrid's back line is very vulnerable and only gives Mo Salah and Diaz the freedom to move. Liverpool Counter Attack this season is the best in the Champions League and the Premier League. So I hope Madrid prepares itself especially its back line to be able to ward off Mo Salah's movements.
This will be a difficult match for Real Madrid because at this time they are not in a stable condition after some of the players they have injured. Liverpool are more favored and there are many advantages they have today but don't forget that Real Madrid is a difficult team to beat in the Champions League. The two had met and Real Madrid were still superior head to head so that Liverpool's burden might be a little heavier.
It is difficult to predict matches like this but if you look at the quality of Liverpool when they are much stronger. Real Madrid is also so weak in defense position that Liverpool can take advantage of these weaknesses to defeat them.