Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 32

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 32
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 | the liquidity                                                                                
 of digital asset trading platforms and any increase or decrease in trading volume on digital 
 asset trading platforms;                                                                     |

| ● | investment                                                                           
 and trading activities of large investors that invest directly or indirectly in XRP; |

| ● | a                                                                            
 “short squeeze” resulting from speculation on the price of XRP, if aggregate 
 short exposure exceeds the number of Shares available for purchase;          |

| ● | a                                                                                        
 final determination that XRP is offered or sold as a security or changes in XRP’s status 
 under the federal securities laws;                                                       |

| ● | monetary                                                                                           
 policies of governments, trade restrictions, currency devaluations and revaluations and regulatory 
 measures or enforcement actions, if any, that restrict the use of XRP as a form of payment         
 or the purchase of XRP on digital asset trading platforms;                                         |

| ● | global                                                                          
 or regional political, economic or financial conditions, events and situations; |

| ● | fees associated                                                                           
 with processing an XRP transaction and the speed at which transactions are settled on the 
 XRP Ledger;                                                                               |

| ● | interruptions                                                                     
 in service from or closures or failures of major digital asset trading platforms; |

| ● | decreased                                                                                            
 confidence in digital asset trading platforms due to the unregulated nature and lack of transparency 
 surrounding the operations of digital asset trading platforms;                                       |

| ● | smart                                                                                      
 contracts are new and their ongoing development and operation may result in problems or be 
 subject to errors or hacks;                                                                |

| ● | increased competition                                                      
 from other forms of digital assets or other blockchain based services; and |

| ● | the Trust’s                                                                                
 own acquisitions or dispositions of XRP, since there is no limit on the number of XRP that 
 the Trust may acquire.                                                                     |

<div align='center'>13</div>

In addition, there is no assurance
that XRP will maintain its value in the long or intermediate term. In the event that the price of XRP declines, the Sponsor expects the
value of the Shares to decline proportionately. The value of XRP as represented by the Pricing Benchmark or by the Trust’s principal
market may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility
that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose
valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Sponsor believes