Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 199

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 199
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 not be in the best interest of the Shareholders of the Trust; |

| ● | the acceptance                                                                               
 of the purchase order or the Basket Deposit would have adverse tax consequences to the Trust 
 or its Shareholders;                                                                         |

| ● | the acceptance                                                                       
 or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful; or |

<div align='center'>91</div>

| ● | circumstances                                                                               
 outside the control of the Trust, the Sponsor, the Marketing Agent or the XRP Custodians    
 make it, for all practical purposes, not feasible to process Creations Baskets (including   
 if the Sponsor determines that the investments available to the Trust at that time will not 
 enable it to meet its investment objective).                                                |

None of the Sponsor, the Transfer
Agent or the XRP Custodians will be liable for the rejection of any purchase order or Basket Deposit.

The Marketing Agent shall
notify the Authorized Participant of a rejection or revocation of any Purchase Order. The Marketing Agent is under no duty, however,
to give notification of any specific defects or irregularities in the delivery of the Creation Basket Deposit nor shall the Marketing
Agent or the Trust incur any liability for the failure to give any such notification. The Trust and the Marketing Agent may not revoke
a previously accepted Purchase Order.

Redemption Procedures

On any Business Day,
an Authorized Participant may place an order with the Transfer Agent via the order taking portal to redeem one or more Baskets. For purposes
of processing redemption orders, a “Business Day” means any day other than a day when the Exchange is closed
for regular trading.

Sell orders must be placed
by 12:00 p.m. ET, or the close of regular trading on the Exchange, or another time as determined by the Sponsor. The day on
which an order is received by the Transfer Agent is considered the sell order date.

Upon the Sponsor’s approval,
a redemption request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Sponsor.
Upon publication of the Trust’s NAV, the Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt
including trade details such as trade date, settlement date, direction of trade, number of Shares, XRP entitlement and Authorized Participant
details. On the settlement date, the Sponsor and Authorized Participant will settle entirely in cash in the case of a cash redemption
and in XRP in the case of an in-kind redemption.

To effectuate a redemption
order via a cash