Apparently the price now is stable with no ETF so I would expect that as long as there is no ETF, the current price is pretty solid. If however, the ETF is approved, then it is likely that the price will increase. So I think any drops now will be due to other factors rather than a result of ETF rejections
Even if this new ETF somehow gets approved (which is highly unlikely), that shouldn't affect prices dramatically. Basically, the ETF decision was a one-off event. Now people see that these ETF's are not relevant altogether (at least, that's what I think). There could some rally in prices, of course, but, on the other hand, such a rally could and most likely will come about even without any ETF decision. In other words, it should work both ways, i.e. just like the price flash crashed on the ETF rejection, it should have spiked on the ETF approval. But since further rejections won't matter a thing, there is a high probability that an ETF approval (if it should happen) won't have any meaningful consequences over long term either
But the chances for approval are really tiny if not outright negligible
