Yes, but not because off SSRS. The IIS componant of Windows XP only allows a small number of users to connect to the website at once. As SSRS runs via IIS this would prevent more than a few people from using SSRS at once.
Also the only edition of SSRS which will install on Windows XP is the developer edition. This edition can not be used for production use. You need Standard or Enterprise edition for production use (I’m not sure if SSRS comes with the Workgroup edition or not) which requires a Server OS to install on (Windows 2003 Standard, Windows 2008 Standard, etc).