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XRP is currently one of the 10 biggest cryptocurrencies. If the name doesnu2019t ring a bell, you might be more familiar with its developer, Ripple. Although the cryptocurrency is called XRP, some people use u201cXRPu201d and u201cRippleu201d interchangeably. Letu2019s find out more about it, before you decide to buy Ripple XRP in Canada.
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XRP is currently one of the 10 biggest cryptocurrencies. If the name doesn’t ring a bell, you might be more familiar with its developer, Ripple. Although the cryptocurrency is called XRP, some people use “XRP” and “Ripple” interchangeably. Let’s find out more about it, before you decide to buy Ripple XRP in Canada.
Before you make it your next cryptocurrency investment, there are several things you should know about it.1. 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. It is made for investment in financial institutions. In using XRP, banks and other financial companies can transfer money without needing to pre-fund accounts in other countries.
2. Its goal is to improve international money transfers and make it better for a common individual. Ripple has positioned itself as a competitor to SWIFT, the system most financial institutions use for international money transfers. Financial institutions that use RippleNet have the option of using XRP for their money transfers.
3. Transactions are fast and cheap with ripple, unlike other cryptocurrencies. 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.
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. Ripple launched in 2012, so its results so far are encouraging. However, The SEC has filed a lawsuit against Ripple. 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. In addition to the ongoing case, Ripple is planning to go public through an IPO when the case ends, which could also potentially drive up XRP’s price.
5.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.Buy and sell cryptocurrencies right here!
There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. And to find the one that’s right for you, you’ll need to decide what features matter most to you. Sign up with Netcoins and get to know your investment options in terms of all the different types of cryptocurrencies like Ripple, Ethereum, bitcoin, bitcoin cash, etc. Netcoins is also one of the best places to buy Ethereum. Sign up now to know more!SOURCE CREDIT: https://netcoinscanada.wordpress.com/2021/11/09/top-5-things-to-know-before-you-buy-ripple-xrp-in-canada/
