Securing your wallet
Like your physical wallet, your XRPL wallet must be secured. XRPL makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, XRPL can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.
Prices are volatile
The price of a XRP or other issued tokens can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with XRP is not recommended at this point. XRP should be seen like a high risk asset, and you should never store money that you cannot afford to lose in XRP. If you receive payments with XRP, many service providers can convert them to your local currency.
XRPL payments are irreversible
An XRPL transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation. For their part, businesses need to keep track of the payment requests they are displaying to their customers. XRPL can detect typos and usually won't let you send money to an invalid address by mistake, but it's best to have controls in place for additional safety and redundancy.
XRPL is not anonymous
Some effort is required to protect your privacy with XRPL. All XRPL transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any wallet address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. Always remember that it is your responsibility to adopt good practices in order to protect your privacy.
Government taxes and regulations
XRP and XRPL issued tokens are not an official currencies. That said, most jurisdictions still require you to pay income, sales, payroll, and capital gains taxes on anything that has value, including XRP. It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.