GMO Coin to Distribute SGB Tokens to XRP Investors
Japanese cryptocurrency exchange GMO Coin, a subsidiary of GMO Internet Group, has announced that it will distribute SGB tokens to eligible XRP investors by the end of the month. The exchange clarified that each investor will receive 0.1511 Songbird tokens for every 1 XRP held as of December 12, 2020. To participate in the offering, investors need to provide a snapshot of their holdings. This distribution has been long-awaited by Japanese XRP holders but was delayed due to local regulations. Previously, GMO clients received Flare (FLR) airdrops after a two-year wait.
Potential Rally for XRP
XRP has experienced significant price volatility recently, and there are speculations about its chances for a bull run. The asset saw a surge of over 70% when Ripple won a potential court case against the US SEC in July. However, its price dropped to around $0.50 as the regulator appealed the ruling. Analysts have different opinions on the future price of XRP. Some believe that if the request is denied by authorities, it could lead to a price increase. Others have more modest forecasts, suggesting that XRP could reach $1.40 if it surpasses certain key levels.
Hot Take: XRP Investors Await Long-Awaited Distribution
Japanese exchange GMO Coin is finally distributing SGB tokens to eligible XRP investors after a delay caused by local regulations. Each investor will receive 0.1511 Songbird tokens for every 1 XRP held as of December 12, 2020. This distribution comes after previous delays in receiving Flare (FLR) airdrops. As XRP holders anticipate this long-awaited handout, there are speculations about the asset’s potential for a rally. While some analysts believe that a denial by authorities could lead to a price increase, others have more modest price forecasts for XRP.
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