Market-Wide Weakness Evident Across Major Cryptocurrencies

The latest market analysis indicates a broad-based downturn affecting several prominent cryptocurrencies. XRP has been particularly volatile, facing an 85% volume reset and a 90% loss in payment volume on its ledger. Further compounding its challenges, XRP-backed ETFs have consistently recorded daily outflows, suggesting waning institutional investor confidence. This comes despite Ripple CEO Brad Garlinghouse's optimistic assertion that XRP is the 'best performing' major digital asset during the current market correction, a sentiment that starkly contrasts with current market data.

Shiba Inu (SHIB) is also under considerable pressure, with slim chances for a bull run and open interest falling, coupled with a consolidation phase for its price. Interest in Shibarium, SHIB's associated layer-2 solution, is reportedly declining among retail investors, according to Google Search trends.

Dogecoin (DOGE) has seen its attempts to reclaim the $0.10 mark prove futile, with metrics turning red amidst a broader market sell-off. Both SHIB and DOGE, along with XRP, have been observed 'falling behind' despite recent slight positive movements.

Even Bitcoin (BTC), the market leader, has not been immune, showing signs of weakness by sinking against gold. Prominent critic Peter Schiff reiterated his stance that Bitcoin is a bubble, despite acknowledging its past significant rallies.

Regulatory Environment and Institutional Engagement

Adding to the market's challenges, a Federal Reserve official delivered a harsh critique, deeming 'crypto useless.' However, there are ongoing developments on the regulatory front. Ripple (XRP) is slated to participate in a new White House meeting focused on stablecoin yields, indicating continued dialogue between crypto entities and policymakers, even as the overall market sentiment remains cautious and predominantly negative for many assets.