Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 83

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 83
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 to buy or sell XRP at an advantageous price resulting in decreased confidence
in the XRP Ledger. Over the longer term, delays in confirming transactions could reduce the attractiveness to merchants and other commercial
parties as a means of payment. As a result, the XRP Ledger and the value of the Trust’s Shares would be adversely affected.

Risks Associated with Investing in the Trust

Investment Related Risks.

Investing in XRP and, consequently,
the Trust, is speculative. The price of XRP is volatile, and market movements of XRP are difficult to predict. Supply and demand changes
rapidly and is affected by a variety of factors, including regulation and general economic trends, such as interest rates, availability
of credit, credit defaults, inflation rates and economic uncertainty. All investments made by the Trust will risk the loss of capital.
Therefore, an investment in the Trust involves a high degree of risk, including the risk that the entire amount invested may be lost.
No guarantee or representation is made that the Trust’s investment program will be successful, that the Trust will achieve its investment
objective or that there will be any return of capital invested to investors in the Trust, and investment results may vary.

The NAV or the Principal Market NAV may not always correspond to the market price of XRP.

The NAV or the Principal Market
NAV of the Trust will change as fluctuations occur in the market price of the Trust’s XRP holdings. Shareholders should be aware
that the public trading price per share may be different from the NAV for a number of reasons, including price volatility and the fact
that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand
forces influencing the market price of XRP as reflected in the Pricing Benchmark.

An Authorized Participant may
be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore maintain
its intended fractional exposure to a specific amount of XRP per share.

Deviations between the Trust’s NAV and NAV per Share versus the Trust’s Principal Market NAV and Principal Market NAV per Share may occur.

The Trust uses the Pricing
Benchmark to determine its NAV and NAV per Share. However, for financial statement purposes, the Trust’s XRP is carried at fair
value as required by GAAP, which requires a determination based on the price of XRP on principal market as identified by the Trust as
set for in Financial Accounting Standards Board (“F