Crypto asset manager 21Shares has rejected persistent claims that Ripple controls XRP or the XRP Ledger, describing XRP as one of the most misunderstood assets in the cryptocurrency market. The firm noted that Ripple operates only one validator among the 35 validators on the network's default trusted list, while more than 150 validators operate across the broader XRP Ledger. Because server operators can configure their own trusted validator lists, they are not required to accept validators recommended by Ripple or the XRP Ledger Foundation.
The report explained that protocol amendments require approval from at least 80% of trusted validators, making it impossible for Ripple to unilaterally approve transactions, block transfers, reverse payments, or determine protocol changes. XRP was launched in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto. XRP Ledger transactions settle in roughly 3 to 5 seconds at an average cost of about $0.0002, with the network processing approximately 1.7 million transactions per day. All 100 billion XRP were minted when the ledger launched, and no new XRP can be created; more than 14 million XRP have been burned through transaction fees to date.
21Shares also highlighted its own XRP investment exposure through the European AXRP ETP launched in April 2019 and the United States TOXR exchange-traded fund introduced in December 2025. The company's 2026 price scenarios place XRP at $1.60 in a bearish case, $2.45 in a base case, and $2.69 in a bullish case. The report added that Ripple's RLUSD stablecoin has reached about $1.6 billion, while tokenized assets on the XRP Ledger are around $4 billion. According to 21Shares, XRP's primary use case remains acting as a bridge asset in cross-border payments, with organizations such as SBI Holdings and Tranglo using the XRP Ledger infrastructure.
