Ripple's Grip on XRP Unravels Amid 21Shares Challenge
One of the largest cryptocurrency asset managers has taken aim at a long-standing claim about XRP. 21Shares, which offers exchange-traded products for various cryptocurrencies, argues that Ripple's control over XRP is a misconception.
The company notes that Ripple operates just one validator out of around 35 on the XRP Ledger's default trusted list. This has fueled controversy over the years due to Ripple's early involvement in creating and developing the XRP Ledger.
However, according to the XRP Ledger's documentation, it is a decentralized public blockchain, and Ripple does not own or control the network. While Ripple still controls one validator, it no longer operates as many as it once did, having implemented a decentralization strategy in 2017.
It is worth noting that while Ripple may have reduced its influence over the network, it remains the most significant company building around XRP and holds billions of tokens in escrow accounts.