Yes, it is possible, and quite easy to get it running.
Step 1: Open Expo XDE, and click on the gray cog to change host mode to LAN. Make sure you enabled Development Mode. You'll see an URL right in front of you. Wait until packager to start running.
Step 2: Open Expo App in your mobile device, and click on the second tab 'Explore' and enter the URL that starts with exp://192.168...
This is a local connection to your computer. You will see your app running in a minute.
Make sure your phone and computer are on the same WiFi!
For further information, you may refer to official documents here.