Pre-owned Mexican Woven Blanket in Rainbow Colors

Pre-owned Mexican woven serape style blanket in rainbow colors. It has been washed and is wrinkle. It has some buckling as it looks like the orange and red threads shrank and the blues did not. It has a tag that I forgot to photograph that says this is acrylic fiber. Not sure why is has shrinkage unless there is some cotton in the mix. Might straighten out of re-washed and ironed if used for display or decoration.  It measures 76" by 39 1/2".