Step 1: The ECG shows a chaotic, extremely irregular rhythm with no identifiable P waves, no organised QRS complexes and a wandering fibrillatory baseline at a very high rate. This disorganised waveform is the signature of ventricular fibrillation.
Step 2: In ventricular fibrillation the ventricles quiver instead of contracting because electrical activity is completely disorganised. The result is no effective cardiac output, leading to cardiac arrest with loss of consciousness and no pulse, and death without prompt defibrillation.
Step 3: Why the others are wrong: SVT (supraventricular tachycardia) shows a fast but regular narrow-complex rhythm. WPW syndrome shows a short PR interval with a delta wave. Atrial fibrillation has an irregularly irregular rhythm but with discernible QRS complexes and a fibrillating atrial baseline, whereas here the entire ventricular complex is lost.
Step 4: The absent organised complexes with a quivering baseline confirm ventricular fibrillation.