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XRP One of many validators
The relationship between Ripple and $XRP has been controversial since the XRP token was issued in 2012. Critics believe that Ripple has significant control over the XRP Ledger, which raises concerns about the extent of decentralization compared to cryptocurrencies such as Bitcoin. However, asset management company 21Shares recently refuted this view.
21Shares emphasized in a recent post that external descriptions of Ripple's direct control have been exaggerated. In fact, Ripple currently runs only one of the approximately 35 nodes in the XRP ledger's default trusted verifier list. If you expand your horizons to the entire network, the situation becomes clearer: the XRP ledger is supported by more than 150 verifiers, and any protocol modification must be approved by at least 80% of the verifiers. This threshold means that no single entity-including Ripple itself-can unilaterally force changes through.
Ripple's own official technical documentation also confirms this. The document clearly states that Ripple does not own or control the XRP ledger and its network, and that it has the same rights in the network as any other contributor.
Broader background
As part of its decentralization strategy since 2017, Ripple has steadily reduced its presence in the verifier network. Despite this, the company remains closely connected to the ecosystem. Ripple remains the most influential company built around XRP and XRP ledgers, and controls billions of XRP tokens locked in escrow accounts. Even if the term "centralization" is untenable based on the number of verifiers, these facts continue to arouse doubts from the outside world.
It is worth noting that 21Shares is not an irrelevant bystander. Its 21Shares XRP ETP (AXRP) for European markets was launched in April 2019 and is listed and traded on major European exchanges. In addition, the company also entered the U.S. market through the 21Shares XRP ETF (TOXR) launched in December 2025, which tracks the FTSE XRP index. 21Shares 'benchmark price forecast scenario for 2026 $XRP is US$2.45, and an optimistic bull market scenario is US$2.69.
No matter what business considerations are, the number of validators is a factual data point that is difficult to ignore. As 21Shares explains,"influence" and "direct control" over transaction verification are two very different concepts.
