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The K means the CPU is unlocked & can be OCed without limits.
XMP is to run the RAMs at their highest clock speeds.
In a nutshell, for sure you can "providing the RAMs are compatible with the new board".
Robertjal, please remember that all our processors support memory speed up to 1600 GHz. So even though the motherboard supports higher memory speed, I recommend you to use compatible memory and avoid over clocking the CPU, sincethere is no warranty support for that practice.
Using memory out of specifications will decrease the lifetime of the processor and it could generate processor damage.
I'm not trying to use my processor out of spec. I have 4x8GB ram with an XMP profile which allows it to run at 1600MHz. I wanted to use that ram on the new board (maybe a dz87klt-75K) but since i am not interested in overclocking the CPU i wanted to go for a 4771 instead of a 4770K.
XMP is an intel extension to jedec's SPD. i would expect that to be supported no ?
1600MHz will be supported by the processor.