Found on trademarking tracker Justia Trademarks by Redditor LemonMintHookah on the r/XboxSeriesX subreddit, the logo is a vertically oriented "Series", with a larger "X" missing part of its lines for style. It was made on April 20 by Microsoft Corporation, so there isn't much room for doubt that this is the official logo for its new console.
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We saw the Xbox Series X console itself late last year at a surprise reveal at the Game Awards 2019. On the other hand, we saw the PS5 logo in January at a teaser during CES, but have yet to see any official look at the console, excluding the DualSense controller which Sony has shown to the world.
While continuity of a successful brand's identity is a good idea, the PS5's logo is very much the PS4 logo except with the number swapped. The Xbox Series X logo is much more indicative that change is afoot in the transition from one generation to another.
The way that the "Series" and "X" are separated can be seen as a hint towards other next-gen Xbox variants with different letters. One of these would be Xbox Series S, a.k.a. Project Lockheart, the rumored entry-level Xbox for the new generation. While sporting lower specs, it'll cost significantly less according to the rumors, making it an attractive option for many gamers.
There is no definite news about the release of the Xbox Series X or the PS5 yet. However, recent rumors have pointed to major news dropping in May, and expectations are that both consoles will arrive on store shelves in November. As for the cost, we're anticipating that the Xbox Series X will be slightly more expensive than the PS5, to reflect its higher specced hardware and to avoid competing with the Xbox Series S.