I do not want the IP to change and I do not want to reinstall everything and configure it according to my needs! I did see an option in the backend but not sure if this is safe to use!
You can change size (flavor) of the instance using the UI but the IP will likely change when you do.
You should not have to reinstall and configure the applications after the resize but be aware that the machine will be rebooted… It’s a fairly safe operation but have your backup ready, just in case.
Turns out using the resize option worked wonderfully! Took less than 5 minutes and nothing was changed. My website was down during this time. I actually had to check from terminal if the RAM allocation was indeed increased because it was just so fast!