Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 211

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 211
---
, or performing services for, the Trust and has determined, in good
faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross
negligence, bad faith, willful misconduct, or a material breach of the Trust Agreement on the part of the Sponsor and (ii) any such
indemnification will be recoverable only from the Trust Estate. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement
may be payable in advance or will be secured by a lien on the Trust. The Sponsor will not be under any obligation to appear in, prosecute
or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in
its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties
of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will
be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust
to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

XRP Custodians

The XRP Custodians have
limited liability, impairing the ability of the Trust to recover losses relating to its XRP and any recovery may be limited, even in
the event of fraud. In addition, the XRP Custodians may not be liable for any delay in performance of any of its custodial obligations
by reason of any cause beyond their reasonable control, including force majeure events, war or terrorism, and may not be liable for any
system failure or third-party penetration of its systems. As a result, the recourse of the Trust to the XRP Custodians may be limited.

<div align='center'>101

PROVISIONS OF LAW</div>

According to applicable law,
indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or conduct that gave
rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was the basis for
such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result
of negligence or misconduct by the Sponsor,