XRP's Centralization Debate Took a Major Hit

One Validator Among Many

The relationship between Ripple and $XRP has stirred controversy since the token's launch in 2012, with critics arguing that Ripple exerts significant control over the XRP Ledger, raising concerns about centralization compared to coins such as Bitcoin. Asset manager 21Shares is now pushing back against that narrative.

21Shares emphasized in a recent post that Ripple's direct control is overstated, pointing out that Ripple currently operates just one validator out of the approximately 35 on the XRP Ledger's default trusted validator list. The picture broadens further when looking at the full network: the XRP Ledger is supported by over 150 validators in total, with any protocol modifications requiring at least 80% validator support. That threshold means no single entity, including Ripple, can unilaterally push through changes.

This is confirmed directly by Ripple's own technical documentation, which states that Ripple does not own or control the XRP Ledger or the XRP Ledger network, and that its rights on the network are the same as those of any other contributor.

The Broader Context

Ripple has steadily reduced its validator presence as part of a decentralization strategy dating back to 2017. Still, the firm remains deeply tied to the ecosystem. Ripple remains the most prominent company building around XRP and the XRP Ledger, and it controls billions of XRP tokens locked in escrow accounts. Those facts continue to fuel skepticism, even as the validator math works against the centralization argument.

It is also worth noting that 21Shares is not a disinterested party. Its European 21Shares XRP ETP (AXRP) launched in April 2019 and is available across major European exchanges. The firm also entered the U.S. market with the 21Shares XRP ETF (TOXR), which launched in December 2025 and tracks the FTSE XRP Index. 21Shares' base case for $XRP in 2026 is $2.45, with a more optimistic bull case of $2.69.

Regardless of the commercial angle, the validator count is a factual data point that is difficult to dismiss. As 21Shares frames it, influence and direct control over transaction validation are drastically different things.

Sources:
Ripple Technical FAQ: Validator and Network Control
U.Today: Biggest XRP Myth Shattered by Top Crypto Asset Manager
CoinOtag: 21Shares Says Ripple Runs Just One of 35 Validators on XRP Ledger