Xolography is a novel volumetric additive manufacturing technique that enables rapid and high-resolution fabrication. This method utilizes a photo-resin contained in a cuvette and employs two light sources to selectively cure the resin at specific locations. However, given the recent development of the process, the influence of various parameters remains poorly understood, and its characterization is entirely experimental. This study employs the finite difference method to model the intensity propagation of the two light sources and simulate the chemical reactions governing the process. The developed numerical framework is used to analyze the effects of key material properties and process parameters, including laser intensity, visible light intensity, laser scanning velocity, oxygen concentration, quantum yield, and reaction rates. The findings of this study facilitate the identification of the process window, reducing material waste and saving time. Additionally, the results provide valuable guidelines for material design and parameter adjustments, ultimately enhancing print quality and speed.