Ripple's Limited Control Over XRP Ledger

21Shares is pushing back against one of the oldest criticisms of XRP (Ripple): that Ripple controls the XRP Ledger. According to 21Shares, Ripple operates only one validator among roughly 35 on XRPL's default trusted validator list.

This matters because protocol changes require support from more than 80% of trusted validators before they can activate, making it impossible for Ripple to change XRPL rules or reverse valid transactions on its own.

However, the issue is not as simple as control. Validators independently participate in consensus and amendments need broad approval across the network, which was demonstrated in recent governance debates around XRPL lending.

21Shares has nearly $499M in XRP products through its European AXRP product and U.S. TOXR XRP ETF, giving it a clear commercial interest in how institutional investors view XRP.