XIV certainly cannot survive. This is exactly why I don't trade this product. It will get wiped out, not in matter of days, but in matter of hours. There are a lot of strategies designed to trade short volatility products, and there are rules of how to adjust when the VIX curve is in contango or backwardation. But in fact, it all happens way too fast before you can do any adjustment. And the probability of this tail event happening is not as remote as historic stats might show.