Anybody who is looking for the answer here:
1. Added new master nodes to the existing cluster with the new IP set up.
2. Make sure your etcd service is healthy and everything is working as expected.
3. Update our Kube-vip IP to different IP range by updating kube-vip deployment file with the new service range.
4. update all rancher nodes to point to new VIP ip. Just make sure all your rancher nodes are pointing to the new vip, otherwise node will go to NotReady state.
5. Once everything is done, if you are using nginx proxy, you will have to delete load balancer service and re create again.
6. This goes same with all other LoadBalancer services, just delete the service and re create it, It will point to the new ip set up