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.

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

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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!
SOURCE CREDIT:
https://vancouvercryptoexchange.blogspot.com/2
021/12/xrp-or-ripple-heres-easiest-way-to-
buy.html

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