What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-13 · 53 added, 39 removed, 104 unchanged (47% of the section changed)

21 unchanged sentences

results to differ materially from the Trust’s expectations include, but are not limited to:

● the special considerations discussed in this Quarterly

● the special considerations discussed in this Quarterly Report;

● general economic, market and business conditions;

● technology developments

regarding the use of XRP and other digital assets, including the systems used by the Sponsor and the Trust’s custodians in their

provision of services to the Trust;

● changes in laws or regulations,

including those concerning taxes, made by governmental authorities or regulatory bodies;

● other world economic and

political developments, including, without limitation, global pandemics and the societal and government responses thereto;

● any additional factors

discussed in this Quarterly Report, as well as those described from time to time in the Trust’s future reports filed with the SEC.

● technology developments regarding the use of XRP and other digital

assets, including the systems used by the Sponsor and the Trust’s custodians in their provision of services to the Trust;

● changes in laws or regulations, including those concerning taxes,

made by governmental authorities or regulatory bodies;

● other world economic and political developments, including, without

limitation, global pandemics and the societal and government responses thereto;

● any additional factors discussed in this Quarterly Report, as

well as those described from time to time in the Trust’s future reports filed with the SEC.

All the forward-looking statements

10 unchanged sentences

Overview of the Trust

is an exchange-traded fund that issues Shares that are listed and trade on the Exchange.

The Trust’s investment objective is to

seek to provide exposure to the price of XRP held by the Trust, less the expenses of the Trust’s operations and other liabilities.

The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP.

In seeking to achieve

its investment objective, the Trust holds XRP and establishes its NAV on each business day by reference to the Pricing Benchmark.

Pricing Benchmark is calculated by the Benchmark Provider based on a 60-minute time-weighted average price of the Underlying Index, which

is an aggregation of executed trade flow of Constituent Platforms.

The Benchmark Provider publishes the Pricing Benchmark.

sponsored by the Sponsor.

Trust is an exchange-traded fund that issues Shares that are listed and trade on the Exchange.

The Trust’s investment

objective is to seek to provide exposure to the price of XRP held by the Trust, less the expenses of the Trust’s operations

and other liabilities.

The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of

In seeking to achieve its investment objective, the Trust holds XRP and establishes its NAV on each business day by reference

to the Pricing Benchmark.

The Pricing Benchmark is calculated by the Benchmark Provider based on a 60-minute time-weighted average

price of the Underlying Index, which is an aggregation of executed trade flow of Constituent Platforms.

The Benchmark Provider

publishes the Pricing Benchmark.

The Trust is sponsored by the Sponsor.

The Shareholders of the Trust

39 unchanged sentences

implemented adequate AML, KYC and other legal compliance policies and procedures.

Results of Operations for the Three Months Ended March

net asset value decreased from $322,819,725 at December 31, 2025, to $264,767,022 at March 31, 2026.

The change in the Trust’s net

assets resulted from an increase in outstanding Shares, which rose from 16,490,000 at December 31, 2025, to 18,540,000 at March 31, 2026,

as a result of 2,080,000 Shares being created and 30,000 Shares being redeemed during the quarter, and a decrease in the value of XRP,

which depreciated -26.96% from $1.84 at December 31, 2025, to $1.34 at March 31, 2026.

Results of Operations*

Three Months Ended June 30, 2026*

net asset value decreased from $264,767,022 at March 31, 2026, to $241,173,971 at June 30, 2026.

The change in the Trust’s net assets

resulted from an increase in outstanding Shares, which rose from 18,540,000 at March 31, 2026, to 21,770,000 at June 30, 2026, as a result

of 3,570,000 Shares being created and 340,000 Shares being redeemed during the quarter, and a decrease in the value of XRP, which depreciated

-22.32% from $1.34 at March 31, 2026, to $1.04 at June 30, 2026.

The net asset

value per Share decreased -27.07% from $19.58 at December 31, 2025, to $14.28 at March 31, 2026.

value per Share decreased -22.43% from $14.28 at March 31, 2026, to $11.08 at June 30, 2026.

The net asset

value per Share of $24.68 at January 5, 2026 was the highest during the quarter, compared with a low of $12.60 at February 5, 2026.

in net assets from operations for the quarter ended March 31, 2026, was $(95,340,310), resulting from a decrease in unrealized gain on

value per Share of $16.25 at May 14, 2026 was the highest during the quarter, compared with a low of $10.94 at June 25, 2026.

in net assets from operations for the quarter ended June 30, 2026, was $(68,664,237), resulting from a decrease in unrealized gain on

the Trust’s XRP investment of $(64,967,101), realized losses on the disposition of XRP of $(3,355,237), and Sponsor Fees incurred

* No comparative periods have been presented as the initial share purchase date of the Trust was November 12, 2025.

Ended June 30, 2026*

net asset value decreased from $322,819,725 at December 31, 2025, to $241,173,971 at June 30, 2026.

The change in the Trust’s net

assets resulted from an increase in outstanding Shares, which rose from 16,490,000 at December 31, 2025, to 21,770,000 at June 30, 2026,

as a result of 5,650,000 Shares being created and 370,000 Shares being redeemed during the six-month period, and a decrease in the value

of XRP, which depreciated -43.27% from $1.84 at December 31, 2025, to $1.04 at June 30, 2026.

The net asset

value per Share decreased -43.41% from $19.58 at December 31, 2025, to $11.08 at June 30, 2026.

The net asset

value per Share of $24.68 at January 5, 2026 was the highest during the six-month period, compared with a low of $10.94 at June 25, 2026.

in net assets from operations for the six months ended June 30, 2026, was $(164,004,547), resulting from a decrease in unrealized gain

on the Trust’s XRP investment of $(159,696,803), realized losses on the disposition of XRP of $(3,590,846), and Sponsor Fees incurred

* No comparative

periods have been presented as the initial share purchase date of the Trust was November 12, 2025.

Off-Balance Sheet Arrangements

19 unchanged sentences

accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

Trust uses fair value as its method of accounting for XRP.

The Trust qualifies as an investment company solely for accounting

purposes and not for any other purpose.

The Trust is not registered, and is not required to be registered, as an investment company

under the Investment Company Act of 1940, as amended.

GAAP requires management to make estimates and assumptions that affect the

reported amounts in the financial statements and accompanying notes.

Actual results could differ from those estimates and these

differences could be material.

uses fair value as its method of accounting for XRP.

The Trust qualifies as an investment company solely for accounting purposes and not

for any other purpose.

The Trust is not registered, and is not required to be registered, as an investment company under the Investment

Company Act of 1940, as amended.

GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial

statements and accompanying notes.

Actual results could differ from those estimates and these differences could be material.

Quantitative and Qualitative Disclosures About

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis