Real Madrid are currently in 7th place in the Champions League and maintaining their place in the top 8 looks like an easy task: games against Monaco and Benfica remain. The situation in La Liga is much worse, as Barcelona has a four-point lead, but Real Madrid currently has almost exclusively easy games coming up, so the situation could change. Naturally, if Real Madrid keeps dropping points, Xabi will be in trouble.
It’s a long way until those two games; maybe Real will even strengthen their squad in the winter transfer window. So I think they will win these two games and end up in the top eight. The Spanish league is a bit of a different scenario. As things stand now, Real will need a lot of luck to finish in the top spot and win the league. But I’m pretty sure that Xabi will see out the season as Real’s manager—I think the club believes in him.