Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 31

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 31
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You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus, before you decide to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future. See “Glossary of Defined Terms” for an explanation of certain industry and technical terms used in this Prospectus.

Risks Associated with XRP and the XRP Ledger

The value of the Shares relates directly to the price of XRP, which may be highly volatile and subject to fluctuations due to a number of factors.

The value of the Shares relates
directly to the value of the XRP held by the Trust and fluctuations in the price of XRP could adversely affect the value of the Shares.
The market price of XRP may be highly volatile, and subject to a number of factors, including:

| ● | an increase                                               
 in the XRP supply that is publicly available for trading; |

| ● | manipulative                                                                                       
 trading activity on digital asset trading platforms, which, in many cases, are largely unregulated 
 or may not be complying with existing regulations;                                                 |

| ● | the adoption                                                                                  
 of XRP as a medium of exchange, store-of-value or other consumptive asset and the maintenance 
 and development of the open-source software protocol of the XRP Ledger;                       |

| ● | forks in        
 the XRP Ledger; |

| ● | falling demand for XRP, or demand that                
 does not keep pace with the gradual unlocking of XRP; |

| ● | delays or flaws in the execution of the XRP Ledger expansion or                      
 adoption plans for XRP;                                                              |
| ● | failure of one or more XRP strategic partnerships with one or more                   
 institutional players;                                                               |
| ● | the failure of, or the perception of risk or negative publicity                      
 around one or more of the protocols based on the XRP Ledger or that make use of XRP; |

| ● | investors’                                                                                        
 expectations with respect to interest rates and rates of inflation experienced by fiat currencies 
 or digital assets (including, in particular, XRP);                                                |

| ● | consumer                                                                                   
 preferences and perceptions of XRP specifically and digital assets generally fiat currency 
 withdrawal and deposit policies on digital asset trading platforms;                        |

| ●