Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 48

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 48
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. However, XRP may not be suited for a number of commercial uses, including those requiring real time payments, partially due to the amount of time that XRP transactions may potentially require in order to clear. This could result in decreasing usage of the network, to the extent that XRP does not otherwise become a store of asset value or meet the needs of another commercial use.

Today, there is limited use of XRP in the retail, commercial, or payments spaces, and, on a relative basis, speculators make up a significant portion of users. Certain merchants and major retail and commercial businesses have only recently begun accepting XRP and the XRP Ledger as a means of payment for goods and services. This pattern may contribute to outsized price volatility, which in turn can make XRP less attractive to merchants and commercial parties as a means of payment. A lack of expansion by XRP into retail and commercial markets or a contraction of such use may result in a reduction in the price of XRP, which could adversely affect an investment in the Trust.

In addition, there is no assurance that XRP will maintain its value over the long-term. The value of XRP is subject to risks related to its usage. Even if growth in XRP adoption occurs in the near or medium-term, there is no assurance that XRP usage will continue to grow over the long-term. A contraction in use of XRP may result in increased volatility or a reduction in the price of XRP, which would adversely impact the value of Shares.

The failure or poor performance of, or perceptions of risk or negative publicity around one or more of the protocols based on the XRP Ledger or that make use of XRP may adversely affect demand for XRP, the price of XRP, or the price of the Shares.

Several decentralized protocols or decentralized applications operate on the XRP Ledger or use XRP. These may include decentralized exchanges, lending or borrowing protocols, or liquid staking protocols, among others. The failure, poor performance of, any errors in the functioning of these protocols, or other negative events associated with these protocols may result in negative publicity and may limit the adoption of XRP, resulting in adverse consequences for the demand for XRP, the Trust and the Shares.

Irrevocable nature of blockchain-recorded transactions.

XRP transactions recorded on the XRP Ledger are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent of a majority of the XRP Ledger