Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 129

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 129
---
 the Trust or its Shareholders).
In addition, the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming
Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary
market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying
holdings.

Shareholders may be adversely affected by an overstatement or understatement of the NAV or the Principal Market NAV calculation of the Trust due to the valuation methodology employed on the date of the NAV or the Principal Market NAV calculation.

The value established by using
the Pricing Benchmark may be different from what would be produced through the use of another methodology. XRP valued using techniques
other than those employed by the Pricing Benchmark, including XRP investments that are “fair valued,” may differ from the
value established by the Pricing Benchmark.

<div align='center'>57

XRP, XRP MARKETS AND REGULATION OF XRP</div>

This section of the Prospectus
provides a more detailed description of XRP, including information about the historical development of XRP, how a person holds XRP, how
to use XRP in transactions, how to trade XRP, the spot markets where XRP can be bought, held and sold, the XRP OTC market and XRP validating.

XRP and XRP Ledger

XRP
is a digital asset that is created and transmitted through the operations of the XRP Ledger,
a distributed ledger upon which XRP transactions are processed and settled. XRP can be used
to pay for goods and services or it can be converted to fiat currencies, such as the U.S. dollar.
The XRP Ledger is based on a shared public ledger, the XRP Ledger, similar to the Bitcoin
network. However, the XRP Ledger differentiates itself from other digital asset networks
in that its stated primary function is transactional utility, not store of value. The XRP
Ledger is designed to be a global real-time payment and settlement system. As a result, the
XRP Ledger and XRP aim to improve the speed at which parties on the network may transfer
value while also reducing the fees and delays associated with the traditional methods of
interbank payments. As of December 6, 2025, X