My personal recommendation would be something like this:

<script type="text/javascript">
function validate() {
    return [
        document.form.price,
        document.form.price2,
        document.form.price3,
        document.form.price4,
        document.form.price5
    ].every(validatePrice)
}

function validatePrice(price)
{
    if (price.value.trim() === "") {
        alert("Please enter a price");
        price.focus();
        return false;
    }
    if (price.value !== "") {
        if (! (/^\d*(?:\.\d{0,2})?$/.test(price.value))) {
            alert("Please enter a valid price");
            price.focus();
            return false;
        }
    }
    return true;       
}
</script>

You have several errors there.

First, you have to return a value from the function in the HTML markup: <form name="ff1" method="post" onsubmit="return validateForm();">

Second, in the JSFiddle, you place the code inside onLoad which and then the form won't recognize it - and last you have to return true from the function if all validation is a success - I fixed some issues in the update:

https://jsfiddle.net/mj68cq0b/

function validateURL(url) {
    var reurl = /^(http[s]?:\/\/){0,1}(www\.){0,1}[a-zA-Z0-9\.\-]+\.[a-zA-Z]{2,5}[\.]{0,1}/;
    return reurl.test(url);
}

function validateForm()
{
    // Validate URL
    var url = $("#frurl").val();
    if (validateURL(url)) { } else {
        alert("Please enter a valid URL, remember including http://");
        return false;
    }

    // Validate Title
    var title = $("#frtitle").val();
    if (title=="" || title==null) {
        alert("Please enter only alphanumeric values for your advertisement title");
        return false;
    }

    // Validate Email
    var email = $("#fremail").val();
    if ((/(.+)@(.+){2,}\.(.+){2,}/.test(email)) || email=="" || email==null) { } else {
        alert("Please enter a valid email");
        return false;
    }
  return true;
}

That library seems to allow validation for single elements. Just associate a click event to your button and try the following:

$("#myform").validate().element("#i1");

Examples here:

https://jqueryvalidation.org/Validator.element