Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 129

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 129
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atement 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.

Ripple Labs and the XRP
Ledger Foundation play distinct yet interconnected roles within the XRP ecosystem. Ripple Labs focuses on commercializing the XRP Ledger
through enterprise-grade financial products like On-Demand Liquidity and Ripple’s stablecoin RLUSD, integrated via its RippleNet
network for global payments. Ripple Labs manages a large escrowed XRP supply, releasing tokens periodically to fund ecosystem development,
partnerships, and liquidity initiatives. Through these efforts, Ripple Labs serves as the commercial driver of XRP adoption, linking
the protocol to traditional financial institutions and payment networks.

In contrast, the XRP Ledger
Foundation, established in