In my knowledge one way links having more important than reciprocal links. Is there any chance to get page ranking for a blog with only reciprocal links?
Sure, until Google kicks out your site for manual review because of suspicious link building activity. You shold keep it natural will links from various sources.
few recip links are fine. but resorting to only link exchanges for backlinks is a risky business. google will discount links gained form excessive link exchanges
No, they aren't important at all. Is more, if you can, avoid them. They will only bring you headaches. Of course. This is the way to go.
Reciprocal links aren't really important in SEO and aren't as good as one-way links. It is good to have a few reciprocal links with quality sites. And yes, you can get a PageRank only with reciprocal links.
Everything needs to be (or appear) natural. A good site will have a mix of reciprocal, one-way, directory, social, etc... links pointing to the site. If all you have is 100's of reciprocal's it is suspicious. Focus on getting a good mix of all types of links - an mostly one-ways from other good sites.
Stay clear out of reciprocal linking...It may not do any harm to your site but it's just a waste of time these days.
Don't concentrate more on reciprocal links and you are correct in saying One way links are more good for any site.