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15 years ago no one would have expected Sega to be out of the market and Sony to dominate for the next decade. So, yes, it is possible.

However...

Their primary obstacle remains Japan. In order to become a "true" number one, MS needs to find a way to make headway in that market, and they are a long way from cracking that puzzle. Without that, the only way they can top the market is if Sony or Nintendo similarly falls apart in the US or EU, and in that case, #1 would likely have only a narrow sales lead, not worldwide domination as we saw with the NES, PS1 and PS2.