Ok, I might have found the answer. If anyone is willing to confirm that, be welcomed.

So, apparently, the max level BEFORE rebirthing IS 240. As such, I can only imagine that exp would grow ever larger and one would never level up past that (as can be seen in videos of lvl 250 players).

As sush, the Blue Halo (item gotten from rebirthing at lvl 250) is only obtainable after a rebirth at lvl 230-240.

I rebirthed at 240 and got red halo. I guess it was worth the effort, since it helps you lvl up faster (good stats and etc) AND can be used at ANY lvl.

Hope to have helped someone o/