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Decrease Public Cloud instance resources


I have a Ubuntu 18.04 instance with r-60 model. My current usage does not require that big instance so how can I decrease the instance resources. If I try to change the instance image, I can only increase it. The lower options have the following text and they are grayed out: “The disk space is lower than that of the current model”

It does not matter if everything is deleted, when changed to lower resource instance, but I would like to have the same IP after the change. Is that possible?