Create a fixed IP for a VM
Introduction
It is a simple process to know/fix the IP address of the VM before launching it. Also, IP can be reserved if you want to re-launch a VM.
Fix IP address before launching a VM
Follow the procedure:
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In menu of your project, go to Networks and Click on the project_XXXXXXX-networklink, where XXXXXXX is your project number. 
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Go to Ports tab and click on Create Port in right-top corner.  
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A dialog box like this one should appear:  - A Name, any descriptive name is fine
- In Specify IP address or subnet, select Fixed IP address or subnet.
- A new new field called Fixed IP Address will appear, enter there the IP address.
- And finally click Create.
 
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Now, while launching an instance, got to Network Ports and use this port.   
Reserve IP to re-launch a VM
The procedure is almost the same with only few additional steps:
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Write down the IP and the list of security groups of the current VM. 
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Shutdown the VM. 
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Take a snapshot. 
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Click on Ports in network of your project. 
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Delete the port corresponding to the IP of your current VM, if present. We need to delete the port because it is auto generated and cannot be re-assigned to any other VM than to the one that is currently assigned. The delete button is under Actions. 
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Now, create a port as mentioned above (on Fix IP address before launching a VM).