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It's been mentioned before, but while the official guidebook states it should appear with 1/100 odds on Pokémon sent through Surprise Trade in SV, it doesn't appear to have been coded to exist. Several people traded over 5000+ Pokémon without seeing a single instance of it occurring (one person while livestreaming the entire time), which would be near impossible if it was the intended 1/100 chance. No one has found a legitimate instance of the ribbon in the wild.

Not known to exist, at least not in the current game’s code