Your daily testing activites will mostly be focused on two tasks: writing/specifying Tests and organizing them in lists by using Test Sets or using the Test Repository, in case you prefer to use folders.
When you create Tests, you will also associate each Test to the requirement(s) it validates; this is essential for the requirement coverage calculation and all the reporting you will need afterwards. Xray may validate any issue type, including Bugs, as long as they're configured to be handled as testable entities (i.e., as "requirements", accordingly to the configuration shown in Quick Setup instructions)..
Your testing plan may be more or less formal (see Test Process), but you will probably end up using Test Plans. By creating a Test Plan with all the relevant tests for your release, you will be able to immediately track the status of those tests and the associated requirements.
From that Test Plan, you will schedule, assign and execute tests by creating one or more Test Executions. Some of those tests might fail, so you will end up creating new or cloning existing Test Execution(s) until you have all your requirements fully validated.
Xray provides multiple ways to gather QA-related metrics from your project so that when you decide to release, it will be a substantiated decision.