With the advent of the Xbox One S, fans are excited about Microsoft cutting its Xbox One console's price to $250.

According to The Verge, this new price signifies the third price cut this console has received in the past two months, due to the fact that the Xbox One S will be launched by Aug. 2. The price cut looks pretty good, especially for the 500GB version of this console, since these can be bought with bundled games such as "Gears of War: Ultimate Edition," "Quantum Break," "Forza Motorsport 6," "Rise of the Tomb Raider," and "Rare Replay." 

For those who want the console, retailers such as Best Buy and Amazon have started selling the Xbox One consoles using the new $250 price, with Microsoft saying that the consoles will be available as long as the supplies last. The reason for this overly aggressive pricing for the Xbox One, aside from the above-stated fact that its successor is to be released soon, is that it hopes to recover from a sales gap with its competitor, Sony's PlayStation 4 console.

After all, while it is not yet clear as to how many Xbox One consoles have been sold, Sony was able to sell approximately more than 40 million PS4 consoles. Regardless, this could only mean that the disparity between the units sold by these two gaming giants is rather large, considering the current price slash.

According to the University Herald, the new price for the Xbox One console is half of its original $500 price when it was launched back in 2013. This is pretty unusual, because normally consoles do not drop to this price value until after four or five years have passed since its release.

Regardless, the new Xbox One S will be sold for $400. It is smaller than the Xbox One, but it will have a new controller, a 2TB Hard Drive, a vertical stand and will support 4k Ultra HD video and HDR.