The 29-year-old royal has called time on his relationship with the 24-year-old socialite after almost two years of dating because he found her too ''needy''.
A source close to the prince told PEOPLE.com: ''He found her too needy and it just wasn't working out.''
The pair began romancing after being introduced through the flame-haired hunk's cousin Princess Eugenie - the daughter of Prince Andrew and Sarah Ferguson - in 2012.
Things seemed to be going well for the duo as Cressida attended her first official royal event last month at the launch of WE day at the Wembley Arena in London.
The couple, who were keen to keep their relationship out of the public eye, also recently sparked speculation of a possible marriage proposal in the not so distant future.
However, the blonde beauty had reportedly told her friends she wasn't keen on getting engaged just yet as she is enjoying her new job in theatre marketing.
A source said previously: ''Cressida is very busy and has lots to do. Marriage is not something she's considering yet.
''She has just started a new job where she's being paid the usual salary for someone of her age - i.e. peanuts - and she has found a flat to rent with her friend Daisy.
''She is doing all the things that people in their 20s should be doing. Who knows what might have changed by this time next year but that is how she wants it to be.''