Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 89

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 89
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 are not limited to, the following factors:

| ● | Unanticipated                                                                                     
 problems or issues with respect to the mechanics of the Trust’s operations and the                
 trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures 
 governing the creation and offering of the Shares and storage of XRP have been developed          
 specifically for this product;                                                                    |

| ● | The Trust                                                                                               
 could experience difficulties in operating and maintaining its technical infrastructure,                
 including in connection with expansions or updates to such infrastructure, which are likely             
 to be complex and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities; |

| ● | The Trust could                                                                            
 experience unforeseen issues relating to the performance and effectiveness of the security 
 procedures used to protect the Trust’s accounts with the XRP Custodians, or the security   
 procedures may not protect against all errors, software flaws or other vulnerabilities in  
 the Trust’s technical infrastructure, which could result in theft, loss or damage of       
 its assets; or                                                                             |

| ● | Service                                                                                           
 providers may decide to terminate their relationships with the Trust due to concerns that         
 the introduction of privacy enhancing features to the XRP network may increase the potential      
 for XRP to be used to facilitate crime, exposing such service providers to potential reputational 
 harm.                                                                                             |

Any of these factors could
affect the value of the Shares, either directly or indirectly through their effect on the Trust’s assets.

The Administrator is solely responsible for determining the value of the Trust’s XRP, the Trust’s NAV and the Trust’s Principal Market NAV. The value of the Shares may experience an adverse effect in the event of any errors, discontinuance or changes in such valuation calculations.

The Administrator will determine
the Trust’s NAV and the Trust’s Principal Market NAV. The Administrator’s determination is made utilizing data
from the XRP Custodian’s operations and the Pricing Benchmark (in the case of the NAV) and the principal market for XRP as determined
by the Trust (in the case of the Principal Market NAV). To the extent that the Trust’s NAV or the Principal Market NAV are incorrectly
calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment
in the Shares.

The Administrator determines
the NAV of the Trust as of 4:00 p.m. ET, on each Business Day, as soon as practicable after that time and determines the Principal
Market NAV as of 4:00