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You can safely upgrade without trouble. Just replace your existing files with the most recent release.
You will need to pay special attention to your installed modules, as older versions of these may not work with recent versions of XOOPS.
Remember to backup (download your site and database) in case of problems. Also, be sure to read and re read the upgrade instructions, although I am sure you are comfortable with such things. You may need to update your system module once your upgrade is complete.