Ripple Doesn't Control XRP, Top Crypto Asset Manager Claims
21Shares, a major issuer of cryptocurrency exchange-traded products, has taken aim at one of the most persistent claims surrounding XRP. The firm argues that Ripple controls XRP and the XRP Ledger is fundamentally mistaken.
The relationship between Ripple and XRP has been a source of controversy virtually since the cryptocurrency's earliest days. Ripple was closely involved in the creation and early development of the XRP Ledger, which has repeatedly fueled claims that XRP is substantially more centralized than cryptocurrencies such as Bitcoin.
However, 21Shares points out that influence and direct control over transaction validation are drastically different things. The XRP Ledger's documentation states that it is a decentralized public blockchain and that Ripple does not own or control the network. In fact, there are more than 150 validators overall, with Ripple operating only one validator on the default trusted validator list.
It's worth noting that protocol changes generally require support from at least 80% of validators, making it highly unlikely that Ripple could unilaterally control the network. Additionally, while Ripple remains the most important company building around XRP and the XRP Ledger, the company has reduced its validator presence in recent years.
21Shares ' XRP investment products include the European 21Shares XRP ETP (AXRP), which was launched in April 2019, and the U.S. XRP ETF market's 21Shares XRP ETF (TOXR), which launched in December 2025. The firm has also published its own XRP price scenarios for 2026, with a base case placing XRP at $2.45, an optimistic bull case envisioning XRP reaching $2.69, and a bearish scenario placing XRP at $1.60.