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Rumor: Xbox 360 price cut coming soon?

With momentum increasing for the PlayStation 3, rumor has it that Microsoft is looking at chopping the price of the Xbox 360 to increase demand for its console.

The chatter for a July price chop gets louder. Microsoft

With Metal Gear Solid 4 finally available for the PlayStation 3, it doesn't take a genius to predict that the PS3 is going to get a boost from having a hit console-exclusive title under its belt. Nevertheless, analysts are boldly proclaiming change is asunder. Sony's got the Big Mo--as in momentum--while Microsoft's got the big Slo--as in demand for its Xbox 360 is slowing down. Which inevitably means the price-cut rumors are getting the Big Sto--as in stoke those flames, baby.

Joystiq is reporting that EEDAR analyst Jesse Divnich, "Believes the PS3 is going to keep increasing its sales and Microsoft will announce a price cut for the Xbox 360 at E3" next month. And in another shocker, Divnich, "Foresees the PS3 gaining momentum and claims Metal Gear Solid 4 will actually have a greater impact on the console's hardware sales than Grand Theft Auto IV did." God, these guys are good.

The post goes on to note that the "Xbox 360 could also get a new hardware SKU with added features" (Blu-ray anyone?) and that Divnich claims that "if Microsoft does cut the price, Sony will respond with a drop of its own within two months." Unfortunately, Divnich doesn't predict exactly what the price cut will be, but I'm saying $50 across the board, with the XBox 360 Elite dropping to $399.99, the Premium (20GB) to $299.99 and the Arcade (no hard drive) hitting $249.99 or even less. It's about time someone matches the Wii's pricing, right?

Anyway, feel free to predict your own pricing scenarios and new models in the comments section.