It's time once more to check out what's being whispered along the videogame industry's grapevines, and this time it's about a rumored price cut for the Xbox 360, with about fifty greenbacks (US $50) being slashed off the console's pricetag come this August 8. Interested? Read on and find out more.

So how did this rumor come to exist? It's been the subject of much debate for quite some time, really, with the Nintendo Wii leading the Xbox 360 and PlayStation 3 in terms of sales - the console with the motion-tracking capabilities outselling its Microsoft rival almost 2-to-1.

But speculation really started to get out of control when Sony suddenly announced its massive price cut for its console, boosting the PS3's numbers to an almost unprecedented height. With its hardcore gaming rival's overnight success in sales, it'd certainly be no surprise if the Xbox 360 followed suit with a price cut of its own.

And if you look at the date, it certainly makes sense. Popular titles such as Madden NFL 08, BioShock and Stranglehold (only to name a few) will be heading out to store shelves at pretty much around the same time frame as the price cut - it'd certainly be safe to say that gamers who have yet to buy into the next-gen craze would be looking for an affordable platform to play these games in.

Of course, this is just all just rumors. Besides the date and the amount, we don't know if the cut itself will cascade to the other versions of the console. Plus, Microsoft itself made no confirmation of a price cut through a spokesman who delivered this statement:

We have no announcements to make on pricing at this time. While price matters, content is king. And no other system is offering all the games people want to play this holiday at a better price than Xbox 360.