What has been suggested may be fine fro some things, but some of it worries me.
I'm just going to offer a suggestion assuming that spending an extra 50p to protect your £15 Xbee is desirable.
Did you know you can get regulators with very low dropout voltages?
Some (e.g. made by Torex) have a dropout of 0.06V at 30mA load.
You see, the trouble with diodes is that their forward voltage drop (Vf) varies with load current.
0.7V is the vlaue we are all told at school, but a study of Data Sheets will teach you much more.
At f-all current loads the Vf of your average 1N4xxx will be a lot less than 0.7V.
AND , if you put Xbee to Sleep the current load is f-all.
And I honestly don't know how sensitive XBee is to overvoltage - in my book it's a potentially expensive mistake.
Anyway, as I am a born worrier, then I would consider the regulator as an option.
AND it will give you a stable voltage over the battery life as opposed to diminishing. I'm NOT really a fan of using diodes in apps like this, but then I'm a fussy devil.
To Golfdude and Paul: I really don't think a series 100R resistor for a device that takes f-all when SLEEPING is safe at all. I really think that is asking for trouble.
Yes, it costs more , but XBees are blooming expensive.
There are many types of VLDO regulator (have a look in the Farnell parametric search), Torex was just one that I have used.
Crossed with the hipster. re the resistor. Absolutely. Do NOT do this!!!