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The Japanese cryptocurrency exchange GMO Coin, which functions under the IT conglomerate GMO Internet Group, has committed to distributing SGB tokens to select XRP investors by the conclusion of this month.
In the subsequent sections, we will detail the specific distribution amounts each investor can anticipate, along with other crucial information regarding the initiative.
Further Details on the Distributions
As per a recent report, each qualifying XRP investor will obtain the yen equivalent of 0.1511 Songbird tokens (SGB) for every 1 XRP held as of December 12, 2020 (the date when the US SEC initiated legal action against Ripple, alleging violations of securities regulations).
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GMO Coin previously indicated that individuals wishing to benefit from the offering must provide a snapshot of their holdings. “Customers utilizing crypto asset lending services are also eligible,” the exchange noted.
Japanese XRP holders have been anticipating such a distribution for several years, but the process has faced significant delays due to local regulations. GMO clients who have previously invested in Ripple’s native token should have received both Flare (FLR) and SGB airdrops. FLR distributions were completed after nearly a two-year wait, while SGB is projected to reach eligible customers by September 29, 2023.
Is XRP Set for a Surge?
Regarding XRP holders, it is important to mention the asset’s recent volatile price movements and potential for a new upward trend.
It surged by over 70% when Ripple achieved a possible court victory against the US SEC in mid-July but fell back to around $0.50 in the following months as the regulator sought to appeal the decision.
Some analysts, including one using the X (Twitter) handle KALEO, speculate that the request will be rejected by the relevant authorities, leading to a price increase for XRP.
Another analyst known as EGRAG CRYPTO predicted that the asset could rise to “$2.8 and $5.5, possibly even reaching $6-7.” They later adjusted their forecast to a more conservative estimate indicating XRP trading at $1.40 if it surpasses certain key levels.
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