That's a good question. Currently we are using Rclone native encryption approach which doesn't support password change without data re-encryption.
In the future we will improve that, so we generate Rclone encryption key which would be user password protected.
It would then be possible to change the user password protected key without affecting underlying Rclone key.
Alternatively we may support multiple decryption keys, so your new data will always be encrypted by your latest key, but your existing data will use sets of keys.
Stay tuned, this is coming.