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In a basic configuration:

 You   You will keep most of Xray default settings - Default options are ok for most organizations.

 You   You will work with 1 project that has Requirements & Tests all together

What needs to configured to start working with XRAY?

1. Issue Mapping - Set which issue types are to be considered requirements & defects
2. Requirement Coverage - Enable requirement coverage at projects that will have requirements that are going to be covered by tests. 
3. Xray Issue Types - Make Xray issue Types available at your projects in order to enable users to create test, test set, test plans and test executions.