Blockchain News

GMO Coin to Distribute SGB Tokens to XRP Holders: What Investors Should Know

GMO Coin, a cryptocurrency exchange under the prominent IT conglomerate GMO Internet Group, has pledged to distribute SGB tokens to specific XRP investors before the month’s end. This announcement is a relief to many, and in this article, we delve into the precise distribution amounts and other pivotal aspects of this initiative.

Eligibility and Distribution Details

As per recent reports, every qualifying XRP investor is set to receive an amount equivalent to 0.1511 Songbird (SGB) tokens for every XRP they held as of December 12, 2020. Notably, this date corresponds to when the US SEC instituted a lawsuit against Ripple, alleging violations of securities regulations.

GMO Coin elaborated that prospective recipients should provide a snapshot of their holdings. Moreover, they emphasized that even “Customers using crypto asset lending services” are eligible for this distribution.

The distribution of these tokens has been a long-awaited event for Japanese XRP enthusiasts. However, due to stringent local regulations, there have been considerable delays. GMO clients, having invested in Ripple’s native token earlier, were slated to receive both Flare (FLR) and SGB airdrops. While the FLR distribution underwent almost two years of delay, SGB is anticipated to be in the hands of eligible recipients by September 29, 2023.

XRP’s Market Outlook

Reflecting on XRP’s market trajectory, its recent volatile price dynamics are noteworthy. Following a potential legal victory against the US SEC in mid-July, the asset experienced a staggering 70% surge. However, it retraced to around $0.50 in subsequent months, consequent to the regulator’s decision to challenge the ruling.

Analyst KALEO, identified by his Twitter handle X, remains optimistic, predicting the appeal will likely be dismissed, setting the stage for a potential XRP price rally. Another market observer, EGRAG CRYPTO, has a bullish outlook, initially projecting a climb to “$2.8 and $5.5, potentially peaking at $6-7.” However, they later revised their prediction, suggesting a conservative estimate of XRP stabilizing at $1.40, contingent on surpassing certain critical thresholds.

In summary, while GMO Coin’s decision is a significant development for many XRP holders, the broader market outlook for XRP remains a topic of debate and speculation.


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