21Shares, a leading issuer of cryptocurrency exchange-traded products, has addressed longstanding claims around Ripple’s involvement with the XRP Ledger, asserting that the relationship is often misunderstood.
XRP centralization debate revisited
The connection between Ripple, a blockchain-focused payment technology company based in San Francisco, and the cryptocurrency XRP has stirred controversy since XRP’s launch in 2012. Critics have argued that Ripple exerts significant control over the XRP Ledger, raising concerns about centralization compared to coins such as Bitcoin.
Despite these claims, 21Shares emphasized in a recent social media post that Ripple’s direct control is overstated. The firm pointed out that Ripple currently operates just one validator out of the approximately 35 on the XRP Ledger’s default trusted validator list.
XRP might be crypto’s most misunderstood 13-year-old, 21Shares posted, challenging the notion that Ripple dominates the network.
Ripple, which played a key role in the XRP Ledger’s development and software, has steadily reduced its validator presence as part of a decentralization strategy dating back to 2017. The Ledger’s documents further clarify that Ripple neither owns nor controls the decentralized public blockchain, which now has over 150 total validators. Ripple operates only a single validator on the default trusted list.
For protocol changes on the XRP Ledger, proposals generally require approval from at least 80% of validators, reinforcing the decentralized governance structure.
However, Ripple remains deeply involved in building services and products around XRP and maintains significant financial interest through its holdings. The company still controls billions of XRP tokens placed in escrow accounts.
Mini dictionary: Validator, an entity that participates in the consensus process for verifying and validating transactions on a blockchain network. Validators help secure and maintain the network’s integrity.
21Shares’ XRP investment products
21Shares has played an active role in expanding investment opportunities linked to XRP. Its European 21Shares XRP ETP (AXRP) launched in April 2019 and is listed on several major European exchanges, including SIX Swiss Exchange, Deutsche Börse Xetra, Euronext Amsterdam, and Euronext Paris.
The firm has also entered the US market with the 21Shares XRP ETF (TOXR), which began trading in December 2025. This fund tracks the FTSE XRP Index, offering exposure to XRP price movements after fees.
| Product | Region | Launch Date | Exchange/Index |
|---|---|---|---|
| 21Shares XRP ETP (AXRP) | Europe | April 2019 | SIX, Xetra, Euronext Amsterdam & Paris |
| 21Shares XRP ETF (TOXR) | United States | December 2025 | FTSE XRP Index |
XRP price scenarios amid ongoing debate
As part of its investor guidance, 21Shares released its own XRP price forecasts for 2026. The firm’s base scenario estimates XRP reaching $2.45, with a bullish case projecting $2.69, and a bearish case anticipating a drop to $1.60.
For reference, XRP is currently trading at $1.42, based on data from CoinGecko.
The company’s engagement with XRP investment products and ongoing commentary highlights its commitment to shaping the understanding and adoption of XRP within the broader crypto market.
