Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 129

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 129
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 XRP Ledger. Once recorded in the ledger, the transaction
is immutable, providing a permanent record of the transfer.

XRP Markets and Exchanges

XRP can be transferred in direct
peer-to-peer transactions through the direct sending of XRP over the XRP Ledger from one XRP address to another. While XRP was originally
intended to be used primarily as a means to conduct cross-border payments, XRP can also be used to pay other users of the XRP Ledger for
goods and services under what resembles a barter system. Consumers can also pay merchants and other commercial businesses for goods or
services through direct peer-to-peer transactions on the XRP Ledger or through third-party service providers.

In addition to using XRP
to engage in cross-border transactions or payment for goods and services, investors may purchase and sell XRP to speculate as to the
price of XRP in the XRP market, or as a long-term investment to diversify their portfolio. The price of XRP within the market is
determined, in part, by the supply of and demand for XRP in the global XRP market, market expectations for the adoption of XRP as a
store of value or as a viable cross-border payments facilitator, the number of merchants that accept XRP as a form of payment, the
regulatory challenges faced by Ripple Labs and XRP, and the volume of peer-to-peer transactions, among other factors.

<div align='center'>59</div>

XRP spot markets typically
permit investors to open accounts with the market and then purchase and sell XRP via websites or through mobile applications. Prices for
trades on XRP spot markets are typically reported publicly. An investor opening a trading account on a digital asset trading platform
must deposit an accepted government-issued currency into its account with the trading platform, or a previously acquired digital asset,
before they can purchase or sell assets on the trading platform. The process of establishing an account with a digital asset trading platform
and trading XRP is different from, and should not be confused with, the process of users sending XRP from one XRP address to another XRP
address on the XRP Ledger. This latter process is an activity that occurs on the XRP Ledger, while the former is an activity that occurs
entirely within the order book operated by the digital asset trading platform. The digital asset trading platform typically records the
investor’s ownership of XRP in its internal books and records, rather than on the