Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 31

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 31
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, 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 that momentum
pricing of XRP has resulted, and may continue to result, in speculation regarding future appreciation in the price of XRP, inflating
and making the price of XRP more volatile. As a result, XRP may be more likely to fluctuate in value due to changing investor confidence,
which could impact future appreciation or depreciation in the Pricing Benchmark and could adversely affect the value of the Shares.

XRP is a relatively new technological innovation with a limited operating history.

XRP has a relatively limited
history of existence and operations. There is a limited established performance record for the price of XRP and, in turn, a limited basis
for evaluating an investment in XRP. Although past performance is not necessarily indicative of future results, if XRP had a more
established history, such history might (or might not) provide investors with more information on which to evaluate an investment in
the Trust.

The Trust will not directly or indirectly participate in any staking program, and accordingly investors will not receive any staking rewards or other income.

The XRP Ledger does not use
proof-of-stake validation. Accordingly, neither the Trust, nor the Sponsor, nor the XRP Custodians, nor any other person associated with
the Trust will, directly or indirectly, engage in action where any portion of the Trust’s XRP becomes subject to proof-of-stake
validation or is used to earn additional XRP or generate rewards or other income. Accordingly, the Trust may underperform other pooled
investment vehicles that may participate in staking. Investors who seek to participate in staking rewards should consider other investment
options.

The fixed supply of XRP may negatively impact the operation of the XRP Ledger.

Unlike