First cast the value to XML. That will create an XML with your entire XML as a single value. Then you get that value from the XML using the value function and finally you cast the fetched value back to XML.
Here is some code using a table variable you can test on.
declare @T table
(
Col nvarchar(max)
)
insert into @T(Col)
values('<root><item ID="1">textvalue</item></root>')
select cast(cast(T.Col as xml).value('.', 'nvarchar(max)') as xml) as XMLCol
from @T as T
Result:
XMLCol
-------------------------------------------
<root><item ID="1">textvalue</item></root>