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There is no reason it shouldn't given it being a fairly normal application. You could run in to issues if you require kernel modules specifically compiled for that kernel, but often you can just recompiile it with the new kernel running and be fine from there on.
BTW, Redhat offically no longer uses Xen for virtualization and use KVM instead. You'd do well to look at migrating to that if possible, not least because it doesn't require a special kernel.
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