Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 185

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 185
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 | it would not be in the best interest of the Shareholders of 
 the Trust;                                                  |

| ● | the acceptance of the purchase order or the Basket Deposit            
 would have adverse tax consequences to the Trust or its Shareholders; |

| ● | the acceptance or receipt of which would, in the opinion of 
 counsel to the Sponsor, be unlawful; or                     |

<div align='center'>88</div>

| ● | circumstances outside the control of the Trust, the Sponsor,                                                                          
 the Marketing Agent or the XRP Custodian make it, for all practical purposes, not feasible to process Creations Baskets (including if 
 the Sponsor determines that the investments available to the Trust at that time will not enable it to meet its investment objective). |

None of the Sponsor, the Transfer
Agent or the XRP Custodian will be liable for the rejection of any purchase order or Basket Deposit.

The Marketing Agent shall notify
the Authorized Participant of a rejection or revocation of any Purchase Order. The Marketing Agent is under no duty, however, to give
notification of any specific defects or irregularities in the delivery of the Creation Basket Deposit nor shall the Marketing Agent or
the Trust incur any liability for the failure to give any such notification. The Trust and the Marketing Agent may not revoke a previously
accepted Purchase Order.

Redemption Procedures

On any business day, an
Authorized Participant may place an order with the Transfer Agent via the order taking portal to redeem one or more Baskets. For purposes
of processing redemption orders, a “business day” means any day other than a day when the Exchange is closed
for regular trading.

Sell orders must be placed
by 12:00 p.m. ET, or the close of regular trading on the Exchange, or another time as determined by the Sponsor. The day on
which an order is received by the Transfer Agent is considered the sell order date.

Upon the Sponsor’s
approval, a redemption request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the
Sponsor. Upon publication of the Trust’s NAV, the Sponsor, Transfer Agent and Authorized Participant will receive a confirmation
receipt including trade details such as trade date, settlement date, direction of trade, number of Shares, XRP entitlement and Authorized
Participant details. On the settlement date, the Sponsor and Authorized Participant will settle entirely in cash in the case of a cash
redemption and in XRP in the case of an in-kind redemption.

To effectuate a redemption
order via