Ripple rebounds from two-week low for third straight session

Ripple rose nearly 1%, or $0.01 on Tuesday for the fourth session out of five from February 9 lows on short-covering, after Valdis Dombrovskis, president of the Financial Services Commission in the EU said the union is ready to regulate cryptocurrencies if their global risks weren't dealt with properly, calling for closer international inspection of the new business. 

As of 09:13 GMT, ripple rose 1.05% to $0.9400 from the opening of $0.92883, with a session-high at $0.95816, and a low at $0.91623, with ripple's market value now amounting to $93.2 billion. 

South Korean authorities stated that a method to regulate cryptocurrency trading hasn't been set up yet in the world's third largest cryptocurrency market, while South Korea's finance minister asserted in recent remarks that there's not any official intention to ban or roll back the new business. 

Russian President Vladimir Putin pointed in a recent speech to the importance of investing in Blockchain technologies, which would open the door for more cryptocurrency trading. 

Sberbank of Russia has already started the application of blockchain technologies in transferring documents and storage systems through partnership with the Federal Antimonopoly Service of Russia, with the large state-owned bank also intending to open cryptocurrency trading centers in Switzerland. 

In Switzerland, reports indicated that official authorities are looking into launching cryptofrank, a virtual version of the Swiss Frank, which is controlled heavily by the central bank, in turn creating a less volatile environment for the cryptofrank. 

However, Switzerland's central bank dismissed the idea of a cryptofrank for the time being, noting that its governor Thomas Gordon said earlier this year in Davos that cryptocurrencies need to be regulated before anything else. 

Last week, ripple marked the first weekly loss in three, 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.