- Kaiko ranked XRP Ledger lowest in security, while Ethereum held the top position.
- Ripple engineers defended XRPL, emphasizing its 13 years of safe and continuous operation.
- The new XRPL governance reforms in France aim to build trust and wider control.
XRP Ledger developers are challenging Kaiko’s recent blockchain ranking after the network was placed last in security, reviving questions on decentralization and trust. Kaiko’s report, released August 13, assigned XRP Ledger a security score of 41 out of 100, the lowest among 15 ranked blockchains, while Ethereum led the list at 83 out of 100, followed by Arbitrum and Solana.
Kaiko’s methodology leaned on decentralized data, creating a clash with XRP’s defenders, who stress operational reliability and resilience. Investors wonder if security assessments weigh structural decentralization above years of uninterrupted performance and institutional audits.
Kaiko’s Ranking and Methodology
Kaiko explained that the ranking considered validator distribution and the Nakamoto coefficient to measure decentralization. With over 190 active validators on XRP Ledger, only 35 appear on the default Unique Node List (UNL). According to Kaiko, this validator concentration increases systemic risk.
The research firm also factored in an April incident involving xrpl.js, the official JavaScript SDK for XRP Ledger. Security company Aikido discovered that the SDK had been compromised by a supply chain attack, embedding a crypto-draining backdoor.
Although the Foundation quickly replaced compromised downloads, Kaiko treated the event as a security weakness. Yet, the core ledger codebase remained untouched, a distinction that XRPL developers argue Kaiko’s score failed to reflect. Ripple representatives later explained the issue as “not a vulnerability in XRPL itself, but a supply chain issue in an NPM package.”
Developer Pushback and Security Record
RippleX Engineering Head Ayo Akinyele strongly disputed the ranking, highlighting XRPL’s long-term safety record. “XRPL has one of the strongest security track records in blockchain—13 years of continuous operation without a single incident impacting the core network,” he said.
Ripple added that “some of the perceptions may stem from a lack of understanding about the nature of the incident,” stressing that developers, validators, and the Foundation communicated openly through public posts and incident reports. Further, they pointed out that the Ledger had undergone multiple independent security audits from CertiK, Halborn, and FYEO in recent years.
Related: Malaysia’s Central Bank Explores Bitcoin & XRP as Currency Alternatives
Governance Evolution and Future Decentralization
In addition to security, the XRPL undergoes a governance transformation designed to broaden community participation and strengthen decentralization. In August 2024, the XRPL Foundation announced a change toward a more inclusive governance model by transferring key assets and focusing on community-based decision-making.
By November 2024, this Foundation was formally incorporated in France. The current structure, with rotating board directors, allows for a General Assembly and various oversight committees, including those overseeing membership, infrastructure, auditing, and validator lists.
Proponents view such measures as evidence that XRPL is ahead of the curve on institutional concerns. As reforms of the governance continue, a long-term trajectory of the ledger appears sympathetic toward industry demands for openness and decentralization.
XRP’s Market Snapshot
Amid the debate, XRP’s market activity reflects investor caution. The token is priced at $2.86, which is down by 2.44% in 24 hours. Its market capitalization stands at $169.95 billion, while the fully diluted valuation sits at $286.02 billion. After a sharp fall of 27.2%, volume dropped to $4.78 billion, and the volume-to-market cap ratio lies at 2.81%. Supply figures show a maximum cap of 100 billion XRP, with 59.41 billion in circulation.
The token’s price action is down from intraday highs of about $2.93, with bears in command. XRP has a 61% profile score, indicating investor hesitation, as analysts observe that the price set above $2.90 could be conquered if a reversal takes place.
