Ripple's Limited Control Over XRP Ledger Challenging Centralization Claims

21Shares, an asset manager with nearly $499 million in XRP products, has clarified the level of control Ripple holds over the XRP Ledger (XRPL). According to 21Shares, Ripple operates only one validator out of about 35 on the XRPL. This means that while Ripple may have significant economic influence through its XRP escrow holdings, it does not control the network consensus.

Changes to the XRPL rules require approval from over 80% of trusted validators, which would be a difficult threshold for Ripple to meet unilaterally. This distinction is key in ongoing debates about XRPL centralization and governance.