Microsoft to slash XBOX 360 prices?

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Anonymous sources are reporting that Microsoft is likely to cut the price of its best selling XBOX 360 Pro system by $50 to $299. The price cut is likely to be announced right before E3, video game industry’s biggest trade show scheduled for July 15-17. XBOX 360 Pro system comes with a 20 GB hard drive compared to XBOX 360 Elite system that has 120 GB hard drive as well as HDMI port for upto 1080p support. This would definitely put pressure on Sony PlayStation 3. The 40GB PS3 sells for $399 and has a built-in blue-ray player. The leader of the pack, Nintendo Wii is unlikely to be affected by the price cut as it sells for $249, considerably cheaper than either of the rivals.

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