I have been wanting to get into fighting games but have been wondering if I were to go play this online would it be possible for me to have a competitive chance? Im a mediocre player at best.

No, you need to practice this is a hard fighting game to be good at. Button mashing does not work.

Probably not. People are REALLY obsessed with this game.

You'll do fine. The vast majority of people playing this game aren't fighting game aficionados either, and after a few days of play, you'll do just as well as at least half of anyone else playing online, even if you're just button mashing.

Eh it depends. Ranked matches, in my experience, are fucking hard. People there KNOW this game, because you need to. Player matches are much more casual, relaxed, with people that mostly just want to have a good time without worrying overmuch about achievements, and there are no ranks there. And there's only 2 achievements exclusive to ranked matches, so you won't even miss out on much. I'd say go for it, and just stick to player matches and single player, you'll have a great time with this game.

I'm a mediocre player at best and i try to play the ranked matches. Most of the lower level players are just damn desparate. You can kind of tell what they're going to do and its frustrating that it's almost impossible to Guard impact online. If lag wasn't an issue, you shouldn't have any trouble at all, well besides the part where your heart is pumping so damn hard its distracting you. Higher level players on the other hand are almost impossible to touch. They earned their levels.