First make a second copy of the sparsebundle just in case something goes wrong.
While it used to be possible to change the sparsebundle password using Disk Utility a few posts I saw seemed to show it may no longer work or may no longer be possible from Disk Utility.
To use the command line to change the sparsebundle password launch the Terminal app and begin typing the following making sure to leave at least one space at the end of the line:
hdiutil chpass
Now drag & drop the sparsebundle onto the open Terminal window so it auto-fills the correct path to the sparsebundle. Press the "Return" key at the end of the line to execute the command. When prompted for the password nothing will appear on the screen when typing the password.
The command will look similar to this example where the sparsebundle is called "my-encrypted.sparsebundle" located in my Documents folder:
hdiutil chpass /Users/hwtech/Documents/my-encrypted.sparsebundle