So this is what i ended up doing (which solved it for me):
I moved it in equation of circle and increased angle by 1 degree. Calculated x and y using sin/cos(angle) * radius. And to make it into an ellipse I multiplied it by a factor.
Factor was yIntercept/xIntercept.
so it looked like this in end
FACTOR = Y_INTERCEPT / X_INTERCEPT;
//calculate previous angle
angle = atan((prev_y/FACTOR)/prev_x);
//increase angle by 1 degree (make sure its not radians in your case)
angle++;
//new x and y
x = cos(newangle) * X_INTERCEPT;
y = sin(newangle) * X_INTERCEPT * FACTOR;