Several days ago, Microsoft's Phil Spencer officially unveiled the name and design of its upcoming next-generation console, the Xbox Series X. While the design of the Xbox One's successor didn't sit well with some gamers, the next-gen console appears to be bringing some promising upgrades with its more powerful internals and innovative features. However, one of the most important questions every gamer has in mind right now is how much will the Xbox Series X cost?

Before diving into the price of Microsoft's upcoming console, it is important for players to know what the Xbox Series X has in store for the next-generation. First, just like the PS5, the Xbox Series X will be sporting an SSD rather than the traditional HDD found in current-generation consoles. This new drive in the Xbox Series X is set to make loading times much faster than the Xbox One and Xbox One X. Another improvement that the Xbox Series X is set to bring to the table is a more powerful GPU. According to information released about the next-gen Xbox console, the Series X clocks in at about 12 teraflops of GPU power, making it twice as powerful than the Xbox One X, and eight times more powerful than the original Xbox One.

RELATED: Xbox Series X Can Lay Flat, Confirms Microsoft

Microsoft is also claiming that the new console will support 8K gaming at 120 frames per second, which is a massive step up from the Xbox One X's 4K with 60 fps. However, some reports revealed that this feature may not be available at launch, so maybe Microsoft is planning to introduce a Pro version of the Xbox Series X at some point in the future. Given all the spec bumps that the upcoming console is set to have, the question that is still unanswered today is the console's price point. Will it retain the price of the Xbox One X? Or will the Xbox Series X be more expensive given all the upgrades?

Looking at the price history of Microsoft consoles, it is worth remembering that the original Xbox was launched at $299, the Xbox 360 at $299 and $399, and the Xbox One at $399, with the beefier Xbox One X at $499. So if Microsoft will indeed stay consistent with this pattern, the Xbox Series X could very well be priced at $599, which will make it the most expensive Xbox console to date. Luckily, this scenario appears to be unlikely, especially since Phil Spencer previously admitted that the Xbox One's $399 price tag was overpriced given that the console was less powerful than its rival, the PS4.

Given that the Xbox Series X is packing some pretty powerful technology inside, it is unlikely that the next-gen console would be priced the same as the original Xbox One. Given all the latest upgrades Microsoft is putting into the console, the Xbox Series X would most likely be priced at $499 at the very least, and is also the same price that the PS5 is rumored to have. Of course, Microsoft could jack up the price up to $550, but anything higher than that will make the console overpriced.

Xbox Series X and controller image

Although the official price of Microsoft's upcoming console is yet to be revealed, Phil Spencer hinted at the Game Awards that the Xbox Series X will be more powerful than the PS5. Of course, given that the final configurations for both the Xbox Series X and PS5 are still being finalized, Spencer is confident that the Xbox will reign supreme next-generation saying that, "Our goal has always been to build the most powerful console we can, and I think we're there. We like leading in power and performance and I feel like we're going to be there again."

In the end, it doesn't really matter what Sony or Microsoft says on which console is more powerful given that both systems are still in development. Although a lot of people are already weighing in on the matter based on the specifications unveiled so far, the only way to truly know which console will dominate the next-generation is to have both the Xbox Series X and PS5 run side-by-side.

Xbox Series X is set to release Holiday 2020.

MORE: Xbox Series X Could Offer Very Useful Features for Hardcore Gamers