The cryptocurrency market has recently experienced significant shifts, with several major assets facing notable challenges in terms of volume, price action, and overall market sentiment. A striking development is the severe plunge in payment volume on the XRP Ledger, indicating a dramatic reduction in network utility, while Shiba Inu (SHIB) enters a prolonged phase of low volatility and consolidation. Dogecoin (DOGE) finds itself at a critical resistance level, struggling to find momentum for a meaningful recovery, and even Bitcoin's purchasing power is contracting relative to gold, suggesting a shift towards traditional safe-haven assets.

On-chain data for XRP reveals an alarming decline in payment activity, with transaction flows plummeting by nearly 90% from their peaks observed in early February. This constitutes one of the most drastic drops in network usage in recent memory. While the beginning of February saw a momentary surge in daily payment volumes into the multibillion-unit range, suggesting a temporary resurgence of network activity and demand for its utility, this momentum proved fleeting. Activity has since steadily receded, with payment volumes returning to baseline levels and ultimately falling to a mere fraction of their recent highs. Such a steep and sustained decline typically signifies diminishing transactional demand rather than transient volatility. Fewer transfers point to reduced utility among exchange payment providers and users interacting with the ledger, as payment volume is frequently regarded as a direct indicator of actual network usage. This underlying weakness is also mirrored in XRP's price action.

XRP is currently undergoing a sharp cooling phase, marked by a drastic decrease in trading volume and an approximate 85% collapse in activity from its peak during recent sell-offs. This volume reset often signals a market transition from panic-driven behavior to a period of stabilization, though not necessarily a recovery, frequently reflecting weariness from both buyers and sellers. The asset remains locked below significant moving averages on its charts, underscoring a persistent weak overall trend. Despite brief recoveries following sharp drops, momentum quickly dissipates as volume dries up, leading to smaller candles, slower directional movement, and less range expansion. This volume collapse directly impacts volatility; the absence of aggressive positioning and high participation means that sharp price fluctuations are less probable. For investors, this presents a mixed picture: lower volatility can reduce downside risk after a significant correction, but it simultaneously curtails upside potential, as volume confirmation is crucial for any meaningful breakouts. Consequently, XRP currently lacks the energy for either a substantial increase or decrease, making extended sideways action and consolidation within a narrow range the most probable scenario.

Shiba Inu (SHIB) is displaying clear signs of consolidation, trading within one of its narrowest ranges in recent months. The asset has entered a quiet period where volatility has significantly decreased, following a series of lower highs and sustained selling pressure across the broader cryptocurrency market. Its price movement, once characterized by sharp swings, has largely given way to sideways action and lackluster trading momentum. The cooling trading volume further indicates that traders are in a waiting pattern rather than aggressively taking positions. While SHIB attempted a brief recovery after hitting local lows, this rebound was short-lived, suggesting that market participants are not yet prepared to commit significant capital to a long-term recovery. The overall market structure indicates little chance of a bullish continuation for SHIB, as it continues to trade below important moving averages and resistance zones. The current upward attempt appears limited and brittle, more akin to a technical bounce within a bearish environment than the initiation of a sustained rally. The most likely path for SHIB is continued sideways-to-weak trading, with decreasing volatility and movement within a narrow range. A local resistance breakout could occur, but its sustainability is questionable without a substantial increase in volume and improved market sentiment.

Dogecoin (DOGE) is positioned precariously close to the psychologically significant $0.10 mark, hovering just below this critical resistance. Despite attempts at a brief recovery following a protracted downward trend, the daily chart still projects overall bearish control. The central question for DOGE is whether it can reclaim and stabilize above $0.10, or if this level will continue to act as a ceiling. Although the price is trading in the high $0.09 range, making a retest of $0.10 seem imminent, mere proximity does not guarantee a breakout. Crucially, volume has not increased sufficiently to verify significant accumulation, suggesting the recent rebound is more of a relief tactic than a confirmed reversal. Longer-term moving averages, such as the 200-day and 26-day EMAs, remain well above short-term averages, signaling persistent macro resistance. For DOGE to genuinely regain momentum, it must break and hold above the near-term resistance cluster located between $0.105 and $0.11. Support levels for the downside are found near recent local lows at $0.09 and $0.085; a failure to hold these would likely invalidate the recovery narrative and expose the asset to renewed selling pressure.

Compounding the broader market's cautious sentiment, the Bitcoin-to-Gold ratio has weakened, signaling a contraction in BTC's purchasing power and a potential shift in the safe-haven narrative. Gold has decisively reclaimed the $5,000 per ounce threshold, with its price pushing back into five-handle territory, as Bitcoin simultaneously slips in relative terms. The BTC/XAU ratio has been drifting lower across various time frames. On February 18, spot gold traded around $5,005, extending a powerful advance, with technical indicators supporting its continuation. This decline in the ratio means that one Bitcoin now purchases fewer ounces of gold than it did just days prior. Traditionally, Bitcoin has been presented as a 'digital gold' and an alternative hedge, particularly amidst inflation concerns or geopolitical instability. However, when bullion strengthens while the BTC/XAU ratio weakens, investors are effectively casting their vote in favor of the traditional hedge, highlighting a potential re-evaluation of Bitcoin's role as a safe asset in the current economic climate.