Thanks Henrik. I realized that there is something wrong with the formulation and the correct way is the following code:
regiondescriptor = Tr[{{0.09, 0}, {0, 7}}.X] >= 1 && Tr[{{7, 0}, {0, 0.09}}.X] >= 1 && Tr[{{1.05, -0.95}, {-0.95, 1.05}}.X] >= 1 && Tr[{{1.05, 0.95}, {0.95, 1.05}}.X] >= 1 && MatrixRank[X, Tolerance -> 0] == 1 && Min[Eigenvalues[X]] >= 0 ;
RegionPlot[regiondescriptor, {X[[1, 1]], -4, 4}, {X[[2, 2]], -4, 4}, BoundaryStyle -> Black]
I removed the vectors completely and I am just considering now the matrix variable X. I want to plot the entries X(1,1) and X(2,2) but I am getting the following error:
RegionPlot::write: "Tag Part in X[[1,1]] is Protected."
Do you know why is this happening? Can't I change the values of the entries of the matrices and plot them?