21Shares Challenges Claims That Ripple Controls the XRP Ledger
21Shares has pushed back against longstanding claims that Ripple controls XRP or has unilateral authority over the XRP Ledger, arguing that the network’s validator structure prevents the company from independently approving transactions, blocking transfers or changing the protocol.
The cryptocurrency asset manager said Ripple operates one validator among 35 validators included on the network’s default trusted list. That role, 21Shares argued, does not give Ripple the ability to determine which transactions are accepted or reject transactions on its own. According to the firm.
The firm described XRP as one of the cryptocurrency market’s most misunderstood assets, highlighting a distinction between Ripple’s influence within the XRP ecosystem and the technical authority required to control the ledger.
Ripple supported the creation of the XRP Ledger and has played a role in its development. However, 21Shares’ assessment maintains that this historical relationship does not translate into unilateral control over transaction validation or protocol governance.
The debate has also been linked to Ripple’s substantial XRP holdings, which critics have cited as evidence of the company’s influence over the ecosystem. Token ownership, however, is separate from the consensus mechanisms used to maintain the XRP Ledger.
XRP Ledger Validator Structure Limits Ripple’s Control
The XRP Ledger has more than 150 validators operating across the network, although individual servers determine which validators they trust.
Server operators can configure their own trusted validator lists based on their assessment of the reliability of participating validators. As a result, operators are not required to use validators recommended by Ripple or the XRP Ledger Foundation.
Transactions are evaluated by validators before the network reaches agreement on the next validated version of the ledger. This distributed structure means that a single participant cannot independently determine the final state of the network.
Protocol amendments are subject to an additional threshold. An amendment must receive approval from at least 80% of trusted validators before it can become active.
With only one validator among the 35 validators on the default trusted list cited by 21Shares, Ripple cannot independently meet that threshold. Its validators therefore cannot determine on their own whether a proposed protocol change will be adopted across the network.
Ripple nevertheless remains a major participant in the broader XRP ecosystem through partnerships, payment-related services and financial products connected to XRP. Those activities can provide the company with significant influence, but they do not give it unilateral authority over transaction validation or network upgrades.
21Shares Expands XRP Investment Products
21Shares’ comments come as the asset manager continues to offer XRP exposure through investment products in European and U.S. markets.
The firm launched its European XRP exchange-traded product under the AXRP ticker in April 2019. It later expanded into the U.S. market with the TOXR exchange-traded fund in December 2025.
TOXR holds XRP and tracks the FTSE XRP Index while accounting for expenses and liabilities, giving investors a regulated investment product designed to provide exposure to the cryptocurrency.
21Shares has also outlined different scenarios for XRP’s price in 2026. Its base-case projection places XRP at $2.45, while its bullish scenario targets $2.69. The bearish case puts the cryptocurrency at $1.60.
The company’s analysis separates Ripple’s commercial and market presence from the technical mechanisms that govern the XRP Ledger. While Ripple remains closely associated with XRP and has played an important role in the network’s development, 21Shares argues that the ledger’s validator and consensus structure does not give the company direct control over the network.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.