XRP or Ripple? Here’s An Easiest Way to Buy Ripple

XRP is currently one of the biggest cryptocurrencies in the world. If the name doesn't ring a bell, you might be more familiar with its developer, Ripple. XRP or Ripple is a cryptocurrency that has a strong use case and high-profile financial partnership. XRP has plenty of room to grow. Let’s find out the easiest way to buy Ripple in Canada.


However, there are also some obstacles that could hold it back. Before you make it your next cryptocurrency investment, there are several things you should know about it.

1. Ripple is designed for financial institutions

When investing in crypto, one of the most important things to look at is a coin's purpose. Many fall short in this area, as they don't have a defined purpose or they don't do anything different from dozens of other coins. XRP is unique in that it's intended for financial institutions and payment services, unlike other cryptocurrencies that are aimed at consumers. In using XRP, banks and other financial companies can transfer money without needing to pre-fund accounts in other countries or pay hefty foreign exchange fees.

2. Ripple commits towards improving international money transfers

Ripple has positioned itself in the system of most financial institutions. It is used for international money transfers. It offers a global payments network called RippleNet to facilitate cross-border transactions. Financial institutions that use RippleNet have the option of using XRP for their money transfers. However, most of Ripple's partners avoid using XRP because it's volatile.

3. Transactions are fast and cheap

The two biggest advantages of XRP is the speed and low cost of every transaction. A standard transaction on Ripple costs 0.00001 XRP. That's a small fraction of a penny at the current XRP price of under $1.The average transaction time is five seconds. Overall, XRP is a very efficient way to transfer money. In addition to all of these, you will also have to look out for cryptocurrency Canadian tax.

4. It has partnerships with over 300 financial companies

Hundreds of financial companies across more than 40 countries have signed up to use Ripple. It still has a long way to go to catch its biggest competitor, though. Nevertheless, you will see that Ripple was launched in 2012, and so far its results are encouraging. 

5. The SEC has filed a lawsuit against Ripple for unregistered securities

Ripple has found itself embroiled in a lawsuit with the SEC. The lawsuit, which was filed in December 2020, accuses Ripple of selling $1.3 billion worth of unregistered securities. The unregistered security in question is the XRP cryptocurrency. Ripple has defended itself by stating the XRP isn't a security. This court case is ongoing. Although it's a reason to be cautious about XRP, it could also be a reason to invest if you think the case will go Ripple's way. 

6. It's trading well below its all-time high from 2018

Quite a few cryptocurrencies have shattered their previous highs in 2021, but XRP is an exception. XRP has followed the rest of the crypto market's ups and downs to an extent. The smaller gains of XRP compared to other coins is likely a consequence of the SEC lawsuit.

7. There aren't many places to buy XRP in Canada

It's not easy for Canadians to buy XRP right now. Another consequence of the SEC lawsuit against Ripple is that several of the top cryptocurrency exchanges delisted XRP. Fortunately, there are still a few places you can buy it, including Netcoins.

XRP is an interesting and risky crypto investment opportunity. Now that you know more about it, you can make an informed decision on whether it's worth buying or not!

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