Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 31

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 31
---
 form of payment 
 or the purchase of XRP on digital asset trading platforms;                                                                              |

| ● | global or regional political, economic or financial conditions, 
 events and situations, such as the novel coronavirus outbreak;  |

| ● | fees associated with processing an XRP transaction and the 
 speed at which transactions are settled on the XRP Ledger; |

| ● | interruptions in service from or closures or failures of major 
 digital asset trading platforms;                               |

| ● | decreased confidence in digital asset trading platforms due                                                       
 to the unregulated nature and lack of transparency surrounding the operations of digital asset trading platforms; |

| ● | increased competition from other forms of digital assets or 
 payment services; and                                       |

| ● | the Trust’s own acquisitions or dispositions of XRP,                     
 since there is no limit on the number of XRP that the Trust may acquire. |

<div align='center'>13</div>

In addition, there is no assurance
that XRP will maintain its value in the long or intermediate term. In the event that the price of XRP declines, the Sponsor expects the
value of the Shares to decline proportionately. The value of XRP as represented by the Pricing Benchmark or by the Trust’s principal
market may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility
that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose
valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Sponsor believes that momentum
pricing of XRP has resulted, and may continue to result, in speculation regarding future appreciation in the price of XRP, inflating and
making the price of XRP more volatile. As a result, XRP may be more likely to fluctuate in value due to changing investor confidence,
which could impact future appreciation or depreciation in the Pricing Benchmark and could adversely affect the value of the Shares.

XRP is a relatively new technological innovation with a limited operating history.

XRP has a relatively limited
history of existence and operations. There is a limited established performance record for the price of XRP and, in turn, a limited basis
for evaluating an investment in XRP. Although past performance is not necessarily indicative of future result, if XRP had a more
established history, such history might (or might not) provide investors with more information on which to evaluate an investment in the
Trust.

The Trust will not directly or indirectly