Yes, but eventually XP will not support new hardware so upgrading will not be an option anymore. By then, your software will probably not work in the latest OS so you will be stuck with software that requires an ancient OS, which in turn requires ancient hardware. And it wouldn't be the first time it has happened. You just have to look at all those computers still running DOS or Windows 3.x.
Except virtual machines are now mainstream and easy to set up and maintain. My next rig will be a VM only affair so reinstalling my OS will consist of pulling the backup of my already configured VM. Hardware has gotten to the point even 3D games set to lower settings run quite well in a VM. So XP in its current form could potentially continue on in perpetuity.