Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 137

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 137
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is immutable, providing a permanent record of the transfer.

XRP Markets and Exchanges

XRP can be transferred in
direct peer-to-peer transactions through the direct sending of XRP over the XRP Ledger from one XRP address to another. While XRP was
originally intended to be used primarily as a means to conduct cross-border payments, XRP can also be used to pay other users of the
XRP Ledger for goods and services under what resembles a barter system. Consumers can also pay merchants and other commercial businesses
for goods or services through direct peer-to-peer transactions on the XRP Ledger or through third-party service providers.

In addition to using XRP to
engage in cross-border transactions or payment for goods and services, investors may purchase and sell XRP to speculate as to the price
of XRP in the XRP market, or as a long-term investment to diversify their portfolio. The price of XRP within the market is determined,
in part, by the supply of and demand for XRP in the global XRP market, market expectations for the adoption of XRP as a store of value
or as a viable cross-border payments facilitator, the number of merchants that accept XRP as a form of payment, the regulatory challenges
faced by Ripple Labs and XRP, and the volume of peer-to-peer transactions, among other factors.

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XRP spot markets typically
permit investors to open accounts with the market and then purchase and sell XRP via websites or through mobile applications. Prices
for trades on XRP spot markets are typically reported publicly. An investor opening a trading account on a digital asset trading platform
must deposit an accepted government-issued currency into its account with the trading platform, or a previously acquired digital asset,
before they can purchase or sell assets on the trading platform. The process of establishing an account with a digital asset trading
platform and trading XRP is different from, and should not be confused with, the process of users sending XRP from one XRP address to
another XRP address on the XRP Ledger. This latter process is an activity that occurs on the XRP Ledger, while the former is an activity
that occurs entirely within the order book operated by the digital asset trading platform. The digital asset trading platform typically
records the investor’s ownership of XRP in its internal books and records, rather than on the XRP Ledger. The digital asset trading
platform ordinarily does not transfer XRP to the