The short answer is yes.  [**Here**](https://github.com/libbitcoin/libbitcoin/wiki/Altcoin-Version-Mappings#10-monero-xmr-bip-3944-technology-examples) is a short and sweet complete working example that was posted almost two years ago.  Also look at adjacent examples for compting ETH, ZEC, and DASH using BIPs 32/39/44. 

The issue is how to do it in an way that is interoperable between different wallets.  For example, we will shortly see if Monero is interoperable between a Trezor Model T and a LedgerWallet Nano S. Take a look at the bounty offered at https://monero.stackexchange.com/questions?sort=featured.