Yes, Asphalt 8 Airborne can be installed on Nokia X, this is available from Nokia store.
The main installation takes around 40mb of the internal memory and can be moved to sd card after installation.
The game needs an additional download of around 1.6GB to run. When you open the game for the first time, it will ask/download the additional 1.6GB(1600MB odd). This 1.6GB will be downloaded to the memory card.
This is a huge game, so needs a good amount of free space as mentioned above. If you have that kind of space, then yes, you can install and play Asphalt 8 Airborne on Nokia X