Xbox 360 set for $50 price drop on August 8th?

Rumors are always circling about price cuts for the Xbox 360, The Hollywood Reporter, who is normally a good source of information is saying that they have some news from an unnamed source who thinks that there will be a $50 price drop on the 8th August.

It seems that the price drop has been timed, as sales always drop at this time off year, so this $50 saving is hoped to boast sales again. It is not known if this Xbox 360 price drop is because Microsoft just wants to pass on savings to consumers, if it is out of guilt from Xbox 360’s with the Red Ring of Death.
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