You might be able to retake next semester or during the summer. You would still be able to get the diploma, it would just mean that you would not be able to graduate at that the same moment as the rest of your class.
In addition to night_angel's comment, it depends on what the graduation rules are where you are located. Generally, "required" means required for graduation. To make sure that assumption is correct, I'd ask at the office of your school.