XRP. The name alone conjures a whirlwind of emotions: hope, frustration, and for some, a bitter taste of deception. As a Filipino founder navigating the complex world of blockchain, I've seen firsthand how XRP's rollercoaster ride impacts our local ecosystem. We're not talking about Wall Street titans losing a few bucks; we're talking about the dreams of young Filipinos, fueled by crypto's promise, potentially being crushed under the weight of market manipulation.

XRP's Wild Ride: Was It Real?

To be honest, XRP’s price history is a bit of mystery novel. Analyst Jesse from the MaximusCrypto podcast pointed to the amazing bull run of 2017. Over the course of a few weeks, the price shot up from $0.15 to more than $3! 20x increase? That’s not organic growth — that’s a rocket ship fueled by something very different. Was it true enthusiasm, or were whales pulling the strings?

I remember that time vividly. All the younger kids were talking specifically about XRP, but just digital assets in general. As many of you know, many of us experienced that FOMO (fear of missing out). Many of my friends personally invested their life savings into it, banking on the hope that they would soon hit the jackpot. What happens when the music stops?

It’s a 21st century version of a pyramid scheme, with cryptocurrency. The latecomers end up stuck and in a much worse position than they started with, but the early birds reap huge paydays. It is a heartbreaking reality.

Pinoy Dreams, Crushed by Crypto?

I had an inspiring conversation with Miguel, another Filipino Diasporic founder who was building a remittance platform on top of the XRP Ledger. He’d purchased a lot of XRP, convinced it would transform the future of cross-border payments. Yet that volatility—aggravated by a widespread belief in manipulation—rendered the undertaking of developing a stable business untenable.

"It was a nightmare," Miguel told me. "One day, we're planning expansion. The next, we're scrambling to stay afloat. It’s difficult to imagine or build a stable future when the very foundation upon which you stand is always crumbling.”

Miguel's story isn't unique. Thousands of Filipino startups, looking to use blockchain to build the next big thing, have been bitten by XRP’s unpredictable nature. This is more than a financial window dressing exercise – this is about restoring trust, fostering innovation and protecting the future of our burgeoning tech scene.

Regulate or Regret: The Filipino Stance

The question is: what are we, as Filipinos, going to do about it? Should we do nothing and allow whales to continue to move the market in their favor? Now, more than ever, it’s our turn to hold them accountable! As a consumer advocate, I think it is high time for Filipino regulators to re-examine the use of XRP and the entire crypto industry.

What we still need are well-defined regulations that both protect investors and encourage a level playing field. This isn’t an attempt to stifle innovation, this is to ensure we have an ecosystem that allows for the growth of legitimate businesses. It's about ensuring that the promise of crypto – financial inclusion and economic empowerment – isn't hijacked by a few bad actors.

Imagine like many other OFWs, Filipinos having to work doubly hard outside of the country to send money home to their families. Now, picture this same worker putting their hard-earned savings into a crypto asset, only to see it wiped out due to market manipulation. The impact is devastating.

Our basic ethical reporting and transparency is exemplified by StartupNews.fyi disclaimer. This is key in the unpredictable and tumultuous world of crypto.

The alternative? More Miguel stories. More crushed dreams. An unwelcome roadblock More Filipinos are losing faith in the technology’s potential. We can't let that happen.

We need to ask ourselves: are we okay with a system where a few powerful players can manipulate the market at will? Or do we want a future where every person has an equitable opportunity to reach their full potential?

Now more than ever it is time for the law-abiding Filipino blockchain community to wake up and demand better. Now is the time for regulators to hold the line and ensure that they are indeed looking out for our future. The cost of sitting on the sidelines is too great.

The onus is now on us to deliver a better, safer, more equitable and more transparent crypto ecosystem to all Filipinos.