21Shares Shatters XRP’s Biggest Myth About Ripple’s Control of the XRP Ledger

In Brief:

• 21Shares rejects claims that Ripple controls XRP, noting the company operates only one validator on the default trusted validator list.
• XRP Ledger amendments require 80% validator approval, preventing Ripple from independently controlling transactions, protocol upgrades, or network governance decisions.
• 21Shares maintains XRP investment exposure through AXRP and TOXR, while its 2026 price scenarios range from $1.60 to $2.69.

 

21Shares, a cryptocurrency asset manager, has rejected persistent claims that Ripple controls XRP and the XRP Ledger. According to the firm, Ripple operates one validator among 35 validators on the network’s default trusted list. Consequently, Ripple cannot approve transactions, block transfers, reverse payments, or determine protocol changes.

21Shares described XRP as one of cryptocurrency’s most misunderstood assets despite its market presence. Its argument challenges the belief that Ripple’s influence gives it authority over XRP’s network.

Ripple supported the XRP Ledger’s creation and contributed to its development. However, that relationship does not provide control over transaction validation or protocol governance.

Critics have connected Ripple’s XRP holdings with claims that the company dominates the ecosystem. Nevertheless, token ownership and network authority remain separate matters within the ledger’s consensus structure.

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XRP Ledger Validator Structure Limits Ripple’s Direct Control

More than 150 validators operate across the XRP Ledger network, while servers select which participants they trust. Server operators can configure trusted validator lists according to their assessments of reliability.

Therefore, operators do not need to accept validators recommended by Ripple or the XRP Ledger Foundation. Validators collectively examine transactions before agreeing on the next validated ledger version.

Moreover, protocol amendments require approval from at least 80% of trusted validators before activation. Ripple’s validators cannot reach that threshold or independently determine whether the network accepts an amendment.

Ripple remains a prominent company developing partnerships, payment services, and financial products connected to XRP. However, those activities provide influence without granting unilateral authority over transactions or network upgrades.

21Shares Expands XRP Exposure Through European and US Investment Products

21Shares also has exposure to XRP through investment products across European and United States markets. Its European XRP ETP launched under the AXRP ticker in April 2019. Meanwhile, the asset manager entered the United States through its TOXR exchange-traded fund in December 2025. TOXR holds XRP and tracks the FTSE XRP Index while accounting for expenses and liabilities.

The company’s base scenario placed XRP at $2.45 during 2026, while its bullish outlook projected $2.69. Conversely, its bearish scenario placed XRP at $1.60. Ultimately, 21Shares’ argument separates Ripple’s market influence from the independent validators governing the XRP Ledger.

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