. . . . error 12029 unable to connect to registration server . . . .
While Acid Studio 8 will run on XP, the error code indicates that the connection to the registration servers failed because encrypted communication could not be established.
It is most likely, that given the age of the program it is trying to communicate with the Sony registration servers which no longer exist for this product.
Magix purchased the Vegas and Acid range of products early 2018 and it is unlikely that the the registrations for such early version of Acid Studio were transferred over - you would need to ask Magix about this.
Installing a newer version may not be possible, Windows XP which has not been supported by Microsoft since April 2014, and new versions of Acid Studio from Magix are not supported to run on it.