Grayscale XRP Trust

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the extreme volatility of trading prices that many digital assets, including XRP, have experienced in recent periods and may continue to experience, which could cause the value of the Shares to be volatile and/or have a material adverse effect on the value of the Shares;

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the value of the Shares depending on the acceptance of digital assets, such as XRP, which represent a new and rapidly evolving industry;

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the value of the Shares relating directly to the value of XRP then held by the Trust, the value of which may be highly volatile and subject to fluctuations due to a number of factors;

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the limited history of the Index;

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the possibility that there may be less liquidity or wider spreads in the market for the Shares as compared to the shares of other spot XRP exchange-traded products, if and when the listing of such products has been approved;

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competition from the emergence or growth of other digital assets could have a negative impact on the price of XRP and adversely affect the value of the Shares;

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a determination that XRP or any other digital asset is a “security” may adversely affect the value of XRP and the value of the Shares and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust;

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the Trust’s reliance on third-party service providers to perform certain functions essential to the affairs of the Trust and the challenges replacement of such service providers could pose to the safekeeping of the Trust’s XRP and to the operations of the Trust; and

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