Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 196

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 196
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 Administrator as promptly as practicable after 4:00 p.m. ET. Each night, the Sponsor will publish the amount
of XRP that is represented by each Basket Deposit.

Delivery of Required Deposits

An Authorized Participant
who places a purchase order must follow the procedures outlined in the “Creation Procedures” section of this Prospectus.
When a creation occurs, after the XRP Custodians receive the required XRP (for in-kind creations) or the Cash Custodian receives the
required cash (for cash creations), the Sponsor will notify the Transfer Agent that the XRP or cash, as applicable, has been received,
and the Transfer Agent and Sponsor will then determine whether any outstanding cash or XRP due from the Authorized Participant has been
settled with the Trust, and the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant’s
DTC account on the Business Day following the purchase order date.

Rejection of Purchase Orders

The Sponsor or its designee
has the absolute right, but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:

| ● | the purchase                                   
 order or Basket Deposit is not in proper form; |

| ● | it would                                                      
 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 |

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| ● | 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