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XRP 21Shares reiterates Ripple's relationship with XRP ledger: Decentralized consensus is misunderstood
As a major issuer of cryptocurrency exchange-traded products (ETP), 21Shares clarified long-standing controversial remarks about Ripple's participation in XRP ledger operations, pointing out that the public's understanding of the relationship is often biased.
A review of the XRP decentralization debate
The connection between Ripple, a San Francisco-based blockchain technology company, and the cryptocurrency XRP has been controversial since XRP was launched in 2012. Critics have long believed that Ripple has huge control over XRP ledgers, which has raised concerns about XRP centralization compared with more decentralized digital currencies such as Bitcoin.
Despite these allegations, 21Shares emphasized in recent social media posts that external descriptions of Ripple's direct control have been exaggerated. The company noted that Ripple currently operates only one of the approximately 35 validators in the XRP ledger's default trusted validator list.
"XRP may be the most misunderstood '13-year-old' in the cryptocurrency industry." 21Shares wrote in the post that challenged Ripple's concept of dominating the Internet. Although Ripple plays a key role in the software development and construction of XRP ledgers, Ripple has steadily reduced its presence in verification nodes as part of its decentralization strategy implemented since 2017. The ledger document further clarifies that Ripple neither owns nor controls this decentralized public blockchain, which currently has more than 150 total verification nodes. Ripple only operates a single authentication node in the default trusted list.
Proposals for changes to the XRP ledger protocol typically require at least 80% validator approval, further strengthening its decentralized governance structure.
Terms explanation:
Validator: refers to an entity that participates in the blockchain network transaction verification and consensus confirmation process. Verifiers help safeguard and maintain the integrity of the network.
However, Ripple remains deeply involved in building services and products around XRP and maintains significant economic interests through its holdings. The company still controls billions of XRP tokens held in escrow accounts.
21Shares 'XRP Investment Product Layout
21Shares has played an active role in expanding XRP-related investment opportunities. Its European version of the 21Shares XRP ETP (code: AXRP) was launched in April 2019 and is listed on several major European exchanges, including SIX Swiss Exchange, Deutsche Börse Xetra, Euronext in Amsterdam and Euronext in Paris.
In addition, the company has also entered the U.S. market and launched the 21Shares XRP ETF (code: TOXR), which will begin trading in December 2025. The fund tracks the FTSE XRP index and is designed to provide investors with exposure to changes in the XRP price after deducting fees.
XRP price scenario analysis amid ongoing debate
As part of its investor guidance, 21Shares has released its forecast for XRP prices in 2026. The company's benchmark scenario estimates XRP to reach $2.45, a bullish scenario is expected to reach $2.69, and a bearish scenario predicts a possible decline to $1.60.
For reference, XRP is currently trading at $1.42, according to CoinGecko.
The company's participation in XRP investment products and ongoing comments highlight its commitment to shaping the understanding and adoption of XRP in the broader cryptocurrency market.
