Home Cryptocurrency How to Buy XRP (XRP) in Canada – 2024 Buying Guide

How to Buy XRP (XRP) in Canada – 2024 Buying Guide

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XRP is a fast, cost-efficient, blockchain-based solution aiming to disrupt the financial cross-border payments industry. The token functions alongside the XRP Ledger (XRPL), a decentralized public blockchain that promotes low transaction costs and high-performance throughput for international settlement.

While ongoing court battles between the SEC and Ripple have prevented recent price rallies, innovative partnership developments have evolved with Ripple and SBI Group, one of Japan’s largest financial services conglomerates. This has spurred public interest in XRP, proving its token utility in the future realm of digital worldwide finance.

This guide will review some key features of the XRP token, XRP Ledger, and Ripple. We will also provide an illustrated step-by-step guide on how to buy XRP in Canada.

How to Buy XRP in Canada: Step-by-step guide

Outlined below are the four simple steps to buy XRP ($XRP) via a tier-1 cryptocurrency exchange.

Due to the decentralized nature of cryptocurrencies, it is strongly recommended that you do your own research and assess your risk appetite before investing in digital assets.

Step 1: Download Kraken and create a new account

Our experts have opted for Kraken for this demonstration as it is a supported cryptocurrency exchange in Canada.

Kraken provides trading services to more than 190 countries worldwide and is a compliant and highly trusted global crypto exchange. The platform also offers direct crypto purchases and on/off ramping from a range of fiat currencies to over 10 million clients.

Firstly, Download Kraken from the Apple App Store or Google Play Store, and click ‘Create Account’. For this demonstration, we opted for an Apple iOS mobile device.

Create a crypto trading account on Kraken
Source: Kraken

Step 2: Set a password and activate your account

Set up your account by entering the email address that is the primary address linked to your account. Then, set a secure password using a mixture of alphanumeric and special characters. You will then need to provide your primary country of residence.

Set a secure password on Kraken
Source: Kraken

Next, Kraken will request that you activate your account. The activation code will be sent to the email address you registered with. Click the ‘Activate Account’ button, or alternatively, you can copy and paste the code provided into the activation box on the Kraken app.

Your account will now be activated successfully.

Kraken account activation email to verify account
Source: Kraken

Step 3: Provide personal details and risk assessment

At the next stage, you must enter your personal details, including your full name, date of birth, and address. You will also be required to answer some risk assessment questions to confirm you understand that cryptos are a high-risk asset class, and more volatile than traditional investments.

Once completed, your account will be frozen for a 24-hour cooling period until you can buy, sell, or trade cryptos.

Once the 24-hour period has passed, you will have full access to Kraken’s trading features. The next task is to connect a funding method to your account.

Step 4: Buy XRP via CAD with a bank account

Expert Tip: Kraken conveniently allows users to buy, sell, and trade XRP in Canada directly with CAD trading pairs. Kraken supports direct crypto purchases with various fiat currencies, including CAD, EUR, GBP, CHF, and USD.

Kraken allows users to buy XRP directly with a fiat pair, and for crypto traders in Canada, you can buy, sell, and trade with the XRP / CAD trading pair. Therefore, you will not need to buy a cryptocurrency first, such as Bitcoin or USDT, in order to make a swap.

Now, navigate to the ‘Buy Crypto’ section on the Kraken app. You will see an exchange window to buy XRP directly using a bank account.

Enter the amount in your chosen currency, which you will use to buy XRP. In the second box, select $XRP from the drop-down list of cryptos.

How to buy XRP in Canada
Source: Kraken

Click ‘Trade now’ and select your desired payment method. Kraken supports a wide range of payment methods for depositing and withdrawing CAD to your account. You can fund your account with a credit or debit card, wire transfer, e-transfer, or in person at your local Canada Post. Processing times will vary depending on which method you use.

Once completed, your newly purchased $XRP will appear in your Kraken portfolio in the wallet balances section.

Other ways to invest in XRP

Below, find a table listing other methods of buying XRP. Included are centralized exchanges and in-wallet options.

Coinbase – Crypto exchange publically listed on NASDAQYou can buy XRP on Coinbase via their centralized trading platform directly with CAD. You will need to provide KYC identity verification on Coinbase. Then, you can purchase XRP using a bank account, debit card, or initiate a wire.
Binance – World’s leading crypto exchange by volumeBinance is one of the world’s leading crypto exchanges, ranked number 1 by CoinMarketCap. Binance offers a wide range of fiat and stablecoin trading pairs with $XRP, including direct purchases with 45+ currencies, including BRL, CHF, EUR, GBP, JPY, and USD.
ByBit – Access spot markets, futures, and crypto derivativesYou can buy Ripple on ByBit with 67 different fiat currencies. When opting for bank transfer, Apple Pay, or Google Pay, ByBit charges zero fees. However, you should examine ByBit’s supported jurisdictions when buying crypto with debit card payments.
Crypto Wallet – Using in-app crypto purchases on MetaMaskMetaMask is one of the most widely used crypto wallets in the web3 space. Depending on your region, you can buy crypto directly from third-party fiat on-ramp providers such as Transak, MoonPay, and Simplex. Fees will vary depending on the provider and payment method.

What is XRP token?

XRP is the native BEP20 token, built on the BNB Smart Chain, and operates as the underlying token for the XRP Ledger (XRPL).

XRPL is a permissionless, decentralized blockchain protocol that promotes fast throughput, cost-efficient, and scalable transactions. The utility of $XRP is an intermediary currency between financial institutions operating on RippleNet.

The XRP token’s main utility is making cross-border payments and money transfers faster, cheaper, and trustless, improving security.

how to buy XRP, cross border payments crypto
XRP payment illustration | Source: XRP

XRP coin key facts and figures

  • The total supply of $XRP is 99,987,531,962 tokens, of which 55.7% (55,570,463,728 $XRP) are in public circulation.
  • Although officially launched in 2021, the XRP Ledger has been operating reliably since 2012.
  • XRP Ledger architects gifted 80 billion XRP tokens to Ripple to build out use cases, which include RippleNet.
  • SBI Holdings and Ripple have partnered to create the “Internet of Value” across Japan and Asia.
  • SBI Ripple Asia provides RippleNet to financial institutions and money transfer service operators in Japan, South Korea, and certain Southeast Asian countries.
  • $XRP reached an all-time high of $3.84 on 04 Jan 2018, valued at under a penny less than a year prior in Q1 2017.
  • XRP token prices have grown by over 16000% since its all-time low in July 2014.
  • Over 348,000 individual wallets hold $XRP, according to BscScan blockchain explorer data.

What is the price prediction for XRP in 2024?

Ripple has not seen much price action since the October 2023 crypto bull market rally. In July 2023, $XRP skyrocketed within a day, quickly doubling in price from its $0.35 – $0.4 price range the months prior.

XRP price chart on CoinMarketCap
Source: CoinMarketCap

Since then, the price has mostly stagnated, but has also seen a series of sudden upticks to the $0.70 mark. These rises have been fuelled by positive public news about Ripple’s ongoing court hearings with the SEC.

Ripple has been under major regulatory scrutiny in recent years. This has created a negative stigma around the XRP token from the crypto community.

Even during the mini crypto rally after the November to December correction period, Ripple has failed to push past that $0.70 resistance zone.

Can the XRP price go higher?

One crypto analyst online, Dark Defender, compares the current market conditions to the fear and uncertainty experienced in 2017. This crypto analyst explains that XRP is displaying a similar pattern, where long-term holders are becoming impatient and could sell before the XRP price explodes, as many did in 2017.

Dark Defender highlights that XRP is holding above its support level. However, indicators are nearly signaling oversold, which could hurdle the uptrend.

Our analysts have forecasted that XRP needs to successfully break the $0.7 resistance level, which it has tested twice since November 2023. If this level can be broken through, then an upward momentum toward the $0.90 – $1.05 range is possible.

Our experts also highlighted that positive news surrounding Ripple and XRP’s classification, coupled with more financial institutions onboarding to RippleNet and validating XRP token utility, could help $XRP grow to new heights.

Tip: You can also check out our catalog of step-by-step guides for presales, including PlayDoge, Base Dawgz, and Mega Dice Token, among other cryptos. By providing buying guides, we aim to assist users in better understanding how to navigate the Web3 world and the necessary tools.

XRP FAQs

Is XRP in Canada a good investment?

The XRP token has proven its scaleable utility in global finance, and this is a commendable factor supporting XRP’s growth in the long term. We can never provide investment advice, and you should always do your own research before buying cryptocurrencies.

What can I buy with XRP in Canada?

You may be able to spend XRP using a cryptocurrency spending card such as the Coinbase Card or Crypto.com card. You will need to check each provider for their supported jurisdictions.

Are XRP and XLM (Stellar Lumens) related cryptos?

Stellar targets individuals and businesses underserved by the financial system. Ripple caters more to larger financial institutions for cross-border settlement. Ripple is centralized, while XRP is decentralized.

Is XRP safe?

Due to cryptocurrencies’ decentralized nature, you should always implement stringent security precautions to protect your assets. This includes securely setting passwords and never storing access data or private keys on any device that connects to the internet.

How can I earn with XRP in Canada?

On centralized crypto exchanges, you can access staking services. You may be able to stake XRP into the staking pools. Alternatively, you can buy XRP on DEX and then lock XRP and paired tokens into one of the decentralized liquidity pools.

References

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At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

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