Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 107

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 107
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uent Exchange or pricing source may not be equal to the value of an XRP as 
 represented by the Pricing Benchmark.                                                     |

| ● | To the                                                                                      
 extent the Pricing Benchmark price differs materially from the actual prices available on   
 a Constituent Exchange, or the global market price of XRP, the price of the Shares may no   
 longer track, whether temporarily or over time, the global market price of XRP, which could 
 adversely affect an investment in the Trust by reducing investors’ confidence in the        
 Shares’ ability to track the market price of XRP.                                           |

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| ● | To the                                                                                      
 extent market prices differ materially from the Pricing Benchmark price, investors may lose 
 confidence in the Shares’ ability to track the market price of XRP, which could adversely   
 affect the value of the Shares.                                                             |

The Sponsor, however, is under
no obligation whatsoever to make such changes in any circumstance.

Risks related to pricing.

As set forth under “Net Asset Determinations” below, the Trust’s portfolio will be priced, including for purposes of determining the NAV, based
upon the Pricing Benchmark. The price of XRP in U.S. Dollars or in other currencies available from other data sources may not be
equal to the prices used to calculate the NAV.

The NAV or the Principal Market
NAV of the Trust will change as fluctuations occur in the market price of the Trust’s XRP holdings as reflected in the Pricing
Benchmark. Shareholders should be aware that the public trading price per Share may be different from the NAV and the Principal Market
NAV for a number of reasons, including price volatility, trading activity, the closing of XRP trading platforms due to fraud, failure,
security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related,
but not identical, to the supply and demand forces influencing the market price of XRP.

An Authorized Participant
may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore
maintain its intended fractional exposure to a specific amount of XRP per Share.

Shareholders also should note
that the size of the Trust in terms of total XRP held may change substantially over time and as Baskets are created and redeemed.

In the event that the value
of the Trust’s XRP holdings or XRP holdings per Share is incorrectly calculated, neither the Sponsor nor the Administrator will
be