It depends on what you want. If you want to install an old copy of Visual Studio from 20 years ago then you should be able to write a program and compile it and have that work on XP. But that comes with limitations. You're not going to be able to use even C++11 and will be stuck with C++03, or maybe even C++98. If that's acceptable to you then it can work. But if you want to compile something that somebody else wrote or want to use some library that somebody else wrote, it probably won't work in that environment.
Or you could install and old copy of Cygwin or MinGW.
Do you want to run a modern Visual Studio and target XP? Maybe you can make that work if you install an old platform SDK and set WINVER and _WIN32_VERSION and work around all the warnings and compatibility problems that you'll run into. It is fighting an uphill battle and it will continue to get worse with each new version of VS that you want use.
For rust there is Rust9x https://seri.tools/blog/announcing-rust9x/. But I think this is the effort of handful of people. It is behind the upstream rust and it could go away at any time. If you want to write a toy program in Rust then it is fine, but if you want something that's going to be supported long-term you're rolling the dice.
Python 3.4.4 is the last version of Python that will run on Windows XP. That's 10 years old and many things on PyPI now require newer versions of Python so you'd be stuck with old, unsupported versions of those modules, possibly containing security issues.
As far as I'm aware so long as you limit yourself to APIs that were available in XP you don't actually need an older SDK to develop for it with modern MSVC. The early windows platform layer stuff in the handmade hero series demonstrates doing so without anything like Cygwin or MinGW.
Most new APIs introduced since Vista are COM based, and after Windows 8, WinRT based (basically COM with IIinspectable, application identity, and .NET metadata instead of type libraries).
Plain old Win32 C API is basically frozen on Windows XP view of the world, although there are a couple of new .....ExNum() suffixes for stuff like HDPI or various IO improvements, the userspace drivers initially COM (UMDF), but reverted back to plain C struct with function pointers on version 2.0.
