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This ruling is a landmark legal victory for the cryptocurrency industry, as it will likely set a precedent for a number of other crypto coins and tokens being labelled commodities and not securities.
In late 2020, the SEC alleged that Ripple raised more than $1 billion USD through the sale of XRP in an unregistered security offering through public security exchanges. This latest decision marks the end of a legal battle between Ripple Labs Inc and the Securities and Exchange Commission (SEC).
Centralized crypto exchanges in the US may now fall under the purview of the Commodity Futures Trading Commission (CFTC) and not the Securities and Exchange Commission (SEC), which has been hostile to crypto exchanges.
Centralized cryptocurrency exchanges like Kraken and others have relisted XRP in the wake of this ruling.
Ripple (XRP) launched in 2012 with a bold mission to shake up international remittances by using cryptocurrency to help people move money around the world. XRP has a loyal following which helped it reach an all-time-high price of $4.62 in January 2018.
While this has helped make XRP the #5 crypto by market cap, Ripple is still a highly volatile asset capable of major price swings in a single day.
Today XRP is trading for $0.86164432, which is slightly up from yesterday's trading price of $0.8461007719. Ripple's seen an increase of 65% over the past year.
So before you buy Ripple, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Ripple in Canada.
To buy XRP all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Coinmama or Bitfinex.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
XRP (XRP) was launched in 2012 by David Schwartz, Jed McCaleb and Arthur Britto. It was designed as a digital payment network to reduce the cost of international payments.
The XRP Ledger is an open-source and peer-to-peer decentralised payment gateway that aims to provide "utility for the new global economy". XRP is an asset on this network and is used by the company Ripple for cross-border settlements.
It acts as an infrastructure layer that supports low-cost, borderless transactions and allows for transferring money and cryptocurrency.
Unlike other cryptos such as BTC and ETH where new blocks are generated via mining or staking, XRP pre-mined 100 billion tokens at its launch.
These tokens were distributed to individuals and companies – which has called into question how decentralised XRP truly is – as a large majority are held by just a few entities.Read our beginner's guide to how XRP works
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy XRP with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Once you've set up your account, you'll need to deposit funds to buy XRP with. We've listed out some popular ways to buy XRP and what you should know about each payment method.
Most exchanges let you buy as little as $5 worth of XRP, if not less. Just type in how much you want to spend in CAD and let the exchange work out the rest.
Some platforms only offer 1 way to buy XRP, while others provide several choices. The 2 most common ways to buy XRP are on the spot market or with an "instant buy" feature.
If it's your first time buying XRP this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of XRP you want to buy, or Canadian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on XRP's market rate in exchange for the convenience.
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for XRP on the open market. It's usually the cheapest way to buy XRP because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
There are dozens of different trading platforms to choose from when buying XRP in Canada, so to help you find your best option, keep these factors in mind:
There are plenty of places to buy XRP, and people in Canada can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered XRP exchange typically offers more convenience, but may have some downsides depending on your goals.
You shouldn't invest in any asset, including XRP without doing plenty of research first. Before you buy XRP, make sure you understand and weigh up these risks:
Finder's panel expects the XRP price to trade as high as $0.90 by the end of December 2022 from the current price of $0.53. However, should XRP lose its case with the SEC the panel expects its value to drop to $0.24. Unfortunately for investors, we won't know the outcome of the case until 2023.
Looking further down the road, the panel estimates XRP's value to hit $3.81 by the end of 2025 if XRP wins the lawsuit or $0.98 if it doesn't win.
Compare today's price of XRP ($0.633562 USD) against its all-time high (ATH) price of $3.40 USD on January 07, 2018. The closer the bar is to 100%, the closer XRP is to reaching its ATH again.
XRP is considered a digital asset by the Canada Revenue Agency (CRA) and is taxed like an investment. This means you'll be taxed when you dispose of XRP (i.e. sell, gift, exchange or trade it).
For individuals, profits or losses are reported as capital gains or losses. For businesses, XRP earnings are reported as income or capital gains, depending on how a business classifies cryptocurrency.
Learn more in our guide to crypto tax in Canada.
If you want to buy XRP, start by comparing a range of crypto brokers and exchanges available in Canada. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Use an exchange registered with FINTRAC for added peace of mind.
Remember that owning and using XRP is not without its risks. Carefully consider investing in XRP as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some XRP, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
You can buy XRP on more than 15 trading platforms in Canada, many of which offer instant buy options.
Create an account with one of the exchanges in our table like Coinmama, complete the KYC verification process and deposit funds using CAD or cryptocurrency.
Shares in Ripple Labs are not publicly traded, which means you can't purchase them on traditional stock trading platforms. Instead, you'll need to qualify as an accredited investor and hold certain certifications.
If you don't already own crypto, the easiest way to buy XRP is with Canadian dollar.
To get started, choose a cryptocurrency trading platform like Coinmama that allows you to deposit CAD.
Alternatively, you may need to convert your CADs into BTC or ETH first, which you can then trade for XRP.
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Disclaimer: Cryptocurrencies, including XRP, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XRP is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the XRP or any other cryptocurrency discussed.
According to results from the Finder: Consumer Sentiment Tracker Q1 (CSTQ1), approximately 1 in 5 Canadians either invest or trade in cryptocurrency.(1)
However, investor confidence seems to ebb and flow. On average, just over 1 in 5 investors (21%) considered the first quarter in 2023 (between January and March) to be a “good time to invest in cryptocurrency,” according to results from CSTQ1. Crypto trader confidence dropped slightly between April and June, with an average of 18% of investors who thought it was a “good time to invest in cryptocurrency,” according to Finder: Consumer Sentiment Tracker Q2 (CSTQ2).(2)
Find out why CoinLedger’s tax reporting is trusted by 300,000 crypto investors.
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