so I have the following text:

'\x56\x10\x34\xf8'

According to the assignment I got, this is written in hex. however, I can't convert this into readable text or binary using the unhexlify function from the binascii library (python).
So I guess this is a three part question:
I would really appreciate if someone could identify in which form this text is written, give a brief explanation about it (or give a link that explains it) and give a code that converts it from it's current form to binary and readable text.
This is hex representation of ascii text.
In python, anything with a '\x' is a hex character, with the 2 digits after that representing its value.
'\x41' represents the capital 'A' character
You can turn most of the characters into standard ascii using a str() call however some hex numbers do not map to readable ascii characters, for example '\x10' maps to the new line character '\n'.
However strings formatted in this way would not act any differently if they were in their ascii counterparts. The string '\x54\x47\x47\x19' can be indexed or printed. index 0 would return '\x54' and index 1 would return '\x47'. Converting it is not necessary.
how can I convert the following text to binary and readable text? and in what form is it written?