Yes, it's fine to use the progressive tense since the Earth is certainly moving (insofar as we can say anything is "moving" in relative terms, but that's a different subject).
This is an interesting case since it's fine to use either the present or the progressive tense, depending on whether we want to focus on the current state or the current action:
The Earth revolves around the sun once per year.
The Earth is revolving around the sun, even as we seemingly stand here motionless.
You can do the same thing in various other contexts, depending on whether you want to focus on the situation or the action. Some examples:
That man walks/is walking by my house every few minutes.
She attends/is attending a prestigious university
I read/am reading stories to young children at the library every Sunday.
If you do use the progressive, however, it's usually to relate the action to something else happening at the same time.
I am reading stories to young children that morning, so I can't join you for coffee until afterwards.