It would fail the VMotion because the compatibility mode is physical. To make it virtual you will need to unmount and remount it. There are other factors as well...
What's the storage provider?
You can try a motion of the VM with the current setting, it won't crash the VM anyway.
I asked to live migration virtual machine and this is not possible when the server is powered on?
Can I move the server while the server is power off? I will not do storage VMotion. just live migration
We are using emc unity 400
Yes by powering off you can VMotion the VM to another host. Make sure the new host on which the VM will be placed will have a path(connectivity) for the RDM.
vMotion while the vm is running is possible as long as the rdm pointer files are on shared storage