In order to obtain relevant metrics on the progress of your tests as well as the completeness of your requirements, Xray provides several ways that make it easier for the entire project team have a clear overview on "how ready" the project is.
As part of your daily tasks, you may use dedicated reports and gagdets in order to evaluate your testing progress.
Xray essentially uses Jira issues, so you can always use JQL to obtain relevant resuts. Since standard JQL may not be enough, Xray provides an extensive list of JQL functions that may be used to obtain relevant data.
Xray also provides access to all custom fields (e.g., Test status, Test Set status, Test Execution status, requirement coverage status) with some specific queriable custom fields.
Those fields may be exposed directly in the standard Jira search result table or in tools, such as Jira's "Filter Results". In fact, you're able to use standard Jira tools to make most of the reports you may need. Xray also provides some specific ones for requirement coverage.
Advanced users may take advantage of eazyBI's integration for accessing Xray's data in multiple ways and generate fully customized reports.
In summary, you have a boatload of options. Your reporting may be accomplished by