Japanese cryptocurrency exchange GMO Coin is set to distribute Songbird (SGB) tokens to eligible ipple-settlement">XRP holders on September 29th.
The long-awaited airdrop will provide the yen equivalent of 0.1511 SGB tokens for every 1 XRP held as of December 12, 2020. This is when the SEC filed its lawsuit against Ripple alleging XRP was an unregistered security.
GMO Coin previously instructed eligible customers to submit snapshots of their XRP holdings to receive the airdrop. The exchange said crypto lending users also qualify.
The SGB distribution comes years after initial plans thanks to legal delays in Japan. GMO Coin already distributed Flare Network tokens from a similar XRP holder snapshot.
The news coincides with speculation over a potential XRP price rally should Ripple win its lawsuit appeal. XRP jumped 70% in July on initial victory hopes before settling around $0.50 as the appeal continues.
Some analysts predict upside for XRP if the appeal fails, perhaps reaching $2-$7. But the case’s ultimate resolution remains uncertain, leaving XRP’s outlook mixed.
For now, the long-running saga inches forward as GMO Coin prepares its snapshot-based SGB airdrop for loyal XRP holders who have weathered the storm so far.
