Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 231

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 231
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, including in circumstances in which it is necessary in connection with creations or redemptions of Baskets or to sell XRP to
pay Trust expenses.

“Trading Platform”: The Prime
Broker’s execution platform.

“Transaction Parties”: The Sponsor, the Trustee, the
XRP Custodian or any of their respective affiliates.

“Transfer Agent”: [●].

“Trust”: 21Shares XRP ETF.

“Trust Agreement”: Amended and
Restated Trust Agreement of the Trust.

“Trustee”: CSC Delaware Trust Company,
a Delaware trust company.

“TWAP Period”: The 60 minutes
leading up to 4:00 p.m. London time.

“UNL”: Unique Node List.

“U.S. Treasury Department”: U.S. Department of the
Treasury.

“XRP”: A digital asset based on the
open-source protocol of the peer-to-peer XRP computer network.

“XRP Counterparty”: A designated third
party who is not an Authorized Participant but who may be an affiliate of an Authorized Participant, or the Prime Broker or Lender, as
applicable, with whom the Sponsor has entered into an agreement on behalf of the Trust, that will, acting as a counterparty, deliver,
receive or convert to U.S. dollars the XRP related to the Authorized Participant’s creation or redemption order.

“XRP Custodian”: Any person from time
to time engaged to provide custodian, security or related services to the Trust’s XRP and cash assets pursuant to authority delegated
by the Sponsor.

“XRP Ledger”: A distributed ledger
upon which XRP transactions are processed and settled.

“XRR”: CME CF Ripple — Dollar Reference
Rate.

“You”: The owner or holder of Shares.

<div align='center'>A-6

21SHARES XRP ETF

SHARES

PROSPECTUS

[●], 2025</div>

Until 25 calendar days
after the date of this Prospectus, all dealers that effect transactions in these securities, whether or not participating in this offering,
may be required to deliver a prospectus. This is in addition to the dealers’ obligation to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or subscriptions.

<div align='center'>PART II
INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 13. Other Expenses of Issuance and Distribution.

The Trust shall not bear any
expenses incurred in connection with the issuance and distribution