Spread the olive oil evenly on the bottom of the inner Instant Pot, and add meatballs to the pot
Pour the water around and over the meatballs
Add the cranberry sauce, orange marmalade, garlic powder and onions on top of the meatballs, but do not stir
Place the lid on the Instant Pot, turn vent to Sealing position, and hit PRESSURE COOK for 5 minutes. Pot will take a few minutes to reach pressure, then cook for 5 minutes
When pot beeps, do a quick release. When pin drops, remove lid, and stir meatballs. To thicken sauce, hit CANCEL, and SAUTE for about 5 to 10 minutes, or until sauce becomes as thick as you want it. To keep meatballs warm in the pot, hit CANCEL, then hit KEEP WARM.