"Right now we are studying Spanish."
Translation:Ahora mismo estamos estudiando español.
I feel like "estamos estudiando español ahorita" should be accepted too.
The phrases 'ahora', 'ahora mismo', and 'ahorita' are a bit contextual and somewhat interchangeable. I think all three should be acceptable here. If it helps you can think of them like this (in order of severity)...
Ahora = Now
Ahorita = Right now
Ahora mismo = Right this second