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Will sniper work if bid is higher than account balance?

Confused
I want to bid on a ring that may go between 600-700 dollars. Will Sniper work/bid if the price exceeds what is in my balance for this auction? In other words, if it goes past 750.00 and I have 6.00 in my account instead of 7.50- Will it still snipe it for me?
Thanks for the help.
Marie.
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