$rvm_path upgrade

.bash_profile

# 1. update rvm loading in .bash_profile, by default it looks like :
#    [[ -s "$HOME/.rvm/scripts/rvm" ]] && . "$HOME/.rvm/scripts/rvm"

if [ -s "$HOME/.rvmrc" ]; then
    source "$HOME/.rvmrc"
fi # to have $rvm_path defined if set
if [ -s "${rvm_path-$HOME/.rvm}/scripts/rvm" ]; then
    source "${rvm_path-$HOME/.rvm}/scripts/rvm"
fi

.rvmrc

# 2. locate the .rvmrc file - most likely at $HOME/.rvmrc
# in case .rvmrc is missing create one http://bit.ly/rvmrc  
# then uncomment the line 
#    export rvm_path=... 
# and ajust it to the new desired rvm location :
export rvm_path=/opt/local/rvm

shell

# 3. open a new shell and move rvm's content to the new location :
mv $HOME/.rvm/* $rvm_path

# 4. repair rvm's broken symlinks etc and reload :
rvm repair all
reload

# 5. as the location changed compiled rubbies might complain e.g. :
#    rvm use ree; ruby -v
#    $ ruby: error while loading shared libraries: ...
# re-install these rubies (gemsets etc will be kept) :
rvm install ree
rvm install 1.9.2