Japanese exchange GMO Coin to distribute SGB tokens to XRP investors by the end of this month, according to their parent company GMO Internet Group. The distribution will be based on the amount of XRP held by each investor as of December 12, 2020, when the US SEC filed a lawsuit against Ripple.
Each eligible XRP investor will receive the yen equivalent of 0.1511 Songbird tokens (SGB) for every 1 XRP held. This long-awaited handout has been delayed due to local laws, but GMO Coin is finally able to distribute the tokens to its customers. Those who wish to participate in the offering must send a snapshot of their XRP holdings. Customers using crypto asset lending services are also eligible.
GMO Coin previously distributed Flare (FLR) tokens to XRP investors, following a two-year wait. Now, the exchange is set to distribute SGB tokens to eligible customers by September 29, 2023.
XRP has experienced a turbulent price performance in recent months. It soared by over 70% when Ripple secured a potential court win against the US SEC in mid-July. However, the asset’s price fell to around $0.50 as the regulator filed to appeal the ruling. Some analysts believe that XRP’s price will increase if the appeal is denied by the relevant authorities.
One analyst predicts that XRP could rise to $2.8 and $5.5, and possibly even reach $6-7. However, they later revised their forecast to a more modest $1.40 if the asset surpasses certain key levels.
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