The Japanese cryptocurrency exchange GMO Coin, which operates under the umbrella of the IT giant GMO Internet Group, vowed to distribute SGB tokens to certain XRP investors by the end of this month.
In the following lines, we will outline the exact amount of distribution each investor should expect, as well as other essential details of the initiative.
According to a recent coverage, each eligible XRP investor will receive the yen equivalent of 0.1511 Songbird tokens (SGB) for every 1 XRP held as of December 12, 2020 (the day when the US SEC filed a lawsuit against Ripple, accusing it of breaching securities laws).
GMO Coin previously explained that those who wish to take advantage of the offering should send a snapshot of their possessions. “Customers using crypto asset lending services are also eligible,” the exchange clarified.
Japanese XRP holders have been awaiting such a handout for years, but the process has been seriously delayed due to local laws. GMO clients who have previously invested in Ripple’s native token should have received both Flare (FLR) and SGB airdrops. FLR handouts were processed after nearly a two-year wait, whereas SGB is expected to reach eligible customers by September 29, 2023.
Speaking of XRP holders, it is worth noting the asset’s recent turbulent price performance and chances for a fresh bull run.
It soared by over 70% when Ripple secured a potential court win against the US SEC in mid-July but descended back to approximately $0.50 in the following months as the regulator filed to appeal the ruling.
Some analysts, such as the one using the X (Twitter) handle KALEO, believe the request will be denied by the relevant authorities, prompting a price increase for XRP.
Another analyst going by the name EGRAG CRYPTO envisioned that the asset could ascend to “$2.8 and $5.5, maybe even stretching up to $6-7.” They later changed their forecast to a more modest one that shows XRP trading at $1.40 should it surpass some key levels.