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What's the next step I should take in order to upgrade?
Disregard this thread.
Appears most of your space is taken up by backups, I'd recommend that you download those and keep only the last 2-3 in account (but make sure you have them downloaded as well). Backups doesn't really work well stored in the account if the account for any reason fails.
The backups come together to around 400mb total.