You can check if its rings or valves and guides by squirting a bit of heavy oil [gearbox?] in the cylinder and then redoing the compression test. If it doesn't read any higher, its valves and guides, if it improves then its rings.
Also check that you haven't overfilled your oil, if you do that, you will blow blue smoke. Tap a bit out of it, get it to the correct level and it will be AOK.