Ripple rallies 6% from two-week trough on short-covering

Ripple rose 6%, or $0.06 on Friday away from February 9 lows on short-covering after South Korean financial authorities stated that the government will support cryptocurrency platforms and encourage banks to facilitate their transactions, soothing fears of a ban in the world's largest cryptocurrency trading hub.  

As of 07:15 GMT, ripple rose 6.24% to $0.9445 from the opening of $0.88894, with a session-high at $0.85010, and a two-week low at $0.85010, with ripple's market value now amounting to $94.9 billion. 

In France, financial authorities issued official guidelines where they banned publishing cryptocurrency ads without official approval, asserting the need for them to go through all the usual regulatory process that other businesses go through. 

Ripple is heading for the first weekly loss in two weeks after rebounding from December 22 lows earlier this month on short-covering operations, which in turn came after tumbling 80% away from record highs hit earlier this year at $3.30 on global official clampdown.