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XRP 21Shares refutes the claim that Ripple controls XRP
Core summary:
- Cryptocurrency asset manager 21Shares denies claims that Ripple controls XRP, pointing out that the company only operates one verification node in the default list of trusted verifiers.
- XRP Ledger's amendment requires approval from 80% of verifiers, which prevents Ripple from unilaterally controlling transactions, protocol upgrades, or network governance decisions.
- 21Shares maintains exposure to XRP through AXRP and TOXR products, and its 2026 price forecast range is US$1.60 to US$2.69.
Clarify misunderstandings: Ripple is not in control of the XRP network
Cryptocurrency asset management company 21Shares firmly refuted the long-circulated claim that "Ripple controls XRP and XRP Ledger." According to the company's analysis, Ripple operates only one verification node out of 35 verification nodes in the network's default trusted verifier list. Therefore, Ripple cannot unilaterally approve transactions, block transfers, revoke payments, or decide on agreement changes.
Although XRP has a significant presence in the market, 21Shares describes it as one of the most misunderstood assets in cryptocurrencies. This view challenges the belief that Ripple's influence gives it mainstream perception of control over the XRP network. Although Ripple supported the creation and contributed to the development of XRP Ledger, this partnership does not mean that the company has control over transaction verification or protocol governance.
Critics often link the number of XRP tokens Ripple holds to its dominance in the ecosystem. However, in the consensus structure of the ledger, token ownership and network rights are two very different concepts.
The XRP Ledger validator structure limits Ripple's direct control
There are more than 150 authentication nodes running on the XRP Ledger network, and the server chooses which participants to trust based on its own evaluation. Server operators can configure the trusted verifier list based on their own judgment of reliability. Therefore, operators do not need to accept validators recommended by Ripple or XRP Ledger Foundation. Verifiers collectively review transactions and negotiate before reaching agreement on the next verified ledger version.
In addition, protocol amendments must be approved by at least 80% of trusted verifiers before activation. Ripple's validators cannot reach this threshold and cannot unilaterally decide whether the network accepts an amendment.
Ripple remains a well-known company developing partnerships, payment services and financial products related to XRP. However, these activities only provide influence, rather than grant unilateral authority over transactions or network upgrades.
21Shares expands XRP exposure through European and American investment products
21Shares also holds XRP exposure through investment products in European and U.S. markets. Its European XRP ETP was launched under the AXRP code in April 2019. Meanwhile, the asset manager entered the U.S. market in December 2025 through its TOXR exchange-traded fund. TOXR holds XRP and tracks the FTSE XRP index, counting both expenses and liabilities.
In the company's basic scenario forecast, the price of XRP in 2026 is US$2.45, and the optimistic outlook is US$2.69. In contrast, the price of XRP in a pessimistic scenario is $1.60. In the end, 21Shares 'argument clarifies the difference between Ripple's market influence and the independent validator that governs XRP Ledger.
