Ripple CEO Brad Garlinghouse used the company’s Swell 2026 event to address a long-running claim that Ripple Labs effectively controls the XRP Ledger simply because it holds a large amount of XRP. He said ownership of the token does not confer authority over network rules or validation.
Just One Ripple Validator Out Of 35
The XRP Ledger currently has more than 150 validators. Of the 35 on the current recommended unique node list, only one is operated by Ripple, roughly 2.9 percent.
Network operators decide which validators they trust and can configure their own lists rather than relying solely on any single published set.
Unlike proof-of-stake systems, XRP holdings do not grant extra voting weight. Independent validators reach agreement on transactions. Protocol amendments require at least 80 percent validator support for two consecutive weeks before they activate.
Ripple can propose software changes and invest in the ecosystem, but it cannot unilaterally force upgrades.
2026 Features Already Went Live
Three amendments have been activated this year: Permissioned Domains on February 4, Permissioned DEX on February 18, and Batch transactions on October 9, 2026.
Notably, these tools are designed to support more controlled environments for institutional applications while still operating on the shared ledger.
Institutions Building On-Chain
Several highly established financial firms have moved forward with XRP-related products. Aviva Investors launched a tokenized share class of its Sterling Liquidity Fund. Franklin Templeton, DBS Bank, and Ripple have outlined plans involving tokenized fund shares and RLUSD.
Standard Chartered has also announced live institutional custody of RLUSD on the ledger, with additional collateral work planned alongside Ripple and LMAX Group.
These bullish developments do not depend on Ripple controlling the ledger. They rely on the existing consensus rules, low transaction costs, and the ability of independent parties to issue assets and settle on the network.
XRP’s Current Crucial Roles
Even without control of validation, XRP retains specific functions on the ledger. Transaction fees, currently as low as 0.00001 XRP, are destroyed. Funded accounts require a base reserve.
The OG token can also serve as an intermediary asset for bridging different issued currencies when that path offers better execution.
Mr. Garlinghouse’s comments restate a technical distinction that has been part of XRPL design for years: large XRP holdings do not equal governance power.
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