XF 1.5 Adding paragraph tags in xen:raw output

I'm pretty sure this has something to do with how BBCode, but as I can't find anything about this I figured I would ask.

I would like to add paragraph tags to the output of paragraphs, currently to create spacing between paragraphs entered into the text area (the one I'm using now) I have to hit enter twice, which creates two <br> tags. This looks fine for some fonts, but with others it creates too much of a gap between paragraphs.

Is there a way to add paragraph tags in the same way as you can add bold or italic tags?
 
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