u.today
One of the cryptocurrency industry's biggest asset managers has taken aim at one of the most persistent claims surrounding $XRP.
21Shares, a major issuer of cryptocurrency exchange-traded products, has argued that the idea that Ripple controls $XRP and the $XRP Ledger is fundamentally mistaken.
"$XRP might be crypto's most misunderstood 13-year-old," the firm said in a recent social media post.
As noted by 21Shares, Ripple currently operates just one validator out of the roughly 35 validators included on the $XRP Ledger's default trusted validator list.
A major source of controversy
The relationship between Ripple and $XRP has been a source of controversy virtually since the cryptocurrency's earliest days.
Ripple was closely involved in the creation and early development of the $XRP Ledger.
That close relationship has repeatedly fueled claims that $XRP is substantially more centralized than cryptocurrencies such as Bitcoin.
Critics have also pointed to Ripple's role in developing the $XRP Ledger's software.
However, influence and direct control over transaction validation are drastically different things.
The $XRP Ledger's documentation states that it is a decentralized public blockchain and that Ripple does not own or control the network. There are more than 150 validators overall. Ripple operates only one validator on that default list.
The San Francisco-headquartered company has reduced its validator presence. The company outlined a decentralization strategy as far back as 2017.
More recently, Ripple said it operates only one validator. For context, protocol changes generally require support from at least 80% of validators.
At the same time, it is worth noting that Ripple remains the most important company building around $XRP and the $XRP Ledger.
Of course, the company also controls billions of $XRP tokens that remain locked in its escrow accounts.
21Shares ' $XRP investment products
It is worth noting that 21Shares has skin in the game with several $XRP products. Its European 21Shares $XRP ETP (AXRP) was launched in April 2019. The product is available across a broad range of European exchanges, including SIX Swiss Exchange, Deutsche Börse Xetra, Euronext Amsterdam and Euronext Paris.
21Shares has also entered the U.S. $XRP ETF market. The 21Shares $XRP ETF (TOXR) launched in December 2025. The fund seeks to track the FTSE $XRP Index after expenses.
$2.69 in 2026?
At the beginning of the year, 21Shares also published its own $XRP price scenarios for 2026.
The firm's base case placed $XRP at $2.45. Its more optimistic bull case envisioned $XRP reaching $2.69.
Meanwhile, its bearish scenario placed $XRP at $1.60.
For comparison, the token is currently changing hands at $1.42, CoinGecko data shows.