Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 162

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 162
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or                  
 equivalent designation) under the laws of any state in which the Trust operates and is required 
 to seek licensing or otherwise comply with state licensing requirements, and the Sponsor        
 has made the determination that termination of the Trust is advisable;                          |

| ● | a United States                                                                     
 regulator requires the Trust to shut down or forces the Trust to liquidate its XRP; |

| ● | any ongoing                                                                                     
 event exists that either prevents the Trust from making or makes impractical the Trust’s        
 reasonable efforts to make a fair determination of the price of XRP for purposes of determining 
 the NAV of the Trust;                                                                           |

| ● | the Sponsor                                                                                 
 determines that the aggregate net assets of the Trust in relation to the operating expenses 
 of the Trust make it unreasonable or imprudent to continue the business of the Trust;       |

| ● | the Trust                                                                                      
 fails to qualify for treatment, or ceases to be treated, as a “grantor trust”                  
 under the Code or any comparable provision of the laws of any State or other jurisdiction      
 where that treatment is sought, and the Sponsor determines that, because of that tax treatment 
 or change in tax treatment, termination of the Trust is advisable;                             |

| ● | 60 days                                                                                                                    
 have elapsed since the Depository Trust Company (“DTC”) or another depository has ceased to act as depository with respect 
 to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;              |

<div align='center'>75</div>

| ● | the Trustee                                                                                       
 elects to terminate the Trust after the Sponsor is conclusively deemed to have resigned effective 
 immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver        
 of the Sponsor or of its property being appointed, or a trustee or liquidator or any public       
 officer taking charge or control of the Sponsor or of its property or affairs for the purpose     
 of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed;    
 or                                                                                                |

| ● | the Sponsor                                                                                      
 elects to terminate the Trust after the Trustee, Administrator or any the XRP Custodians         
 (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be         
 the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, 
 administrator and/or custodian acceptable to the Sponsor is engaged.                             |

In respect of termination
events that rely on Sponsor determinations to