$XRP Myth Shattered: Major Asset Manager Challenges Centralization Claims
The relationship between Ripple and $XRP has long been a source of controversy in the crypto industry. However, one major asset manager is challenging a persistent claim that Ripple controls $XRP and the $XRP Ledger.
21Shares, a leading issuer of cryptocurrency exchange-traded products, argues that this idea is fundamentally mistaken. In a recent social media post, they stated, '$$XRP might be crypto's most misunderstood 13-year-old.'
The firm points out that Ripple currently operates just one validator on the $XRP Ledger's default trusted validator list, which includes around 35 validators in total.
Ripple was involved in the creation and early development of the $XRP Ledger, leading some to claim that $XRP is more centralized than other cryptocurrencies like Bitcoin. However, the $XRP Ledger's documentation clearly states that it is a decentralized public blockchain, with Ripple not owning or controlling the network.
Despite its reduced presence on the validator list, Ripple remains the most important company building around $XRP and the $XRP Ledger, and it controls billions of $XRP tokens locked in its escrow accounts.