Although it's unlikely that King Juan Carlos' granddaughter, Victoria, will ever inherit the throne, she is still fairly high up in the line of succession. With Juan Carlos' abdication in 2014, his son, Felipe, became King Felipe VI, as Spain's law of succession favors males, putting him ahead of his older sisters. His children, Princess Leonor and Infanta Sofia are the next in line for the crown.
Had Spain's laws of succession not prioritized male heirs, Juan Carlos' oldest child, Infanta Elena, would have succeeded him as queen. This would have put Victoria as second in line for the throne after her older brother, Felipe. Instead, she is fifth in line to the throne, following her cousins, Leonor and Sofia, her mother, and her brother. Despite being so close to the throne, Victoria does not hold the title of "princess." Instead, she is known as Doña Victoria de Marichalar de Borbón, Lady of Tejada.