ranks gives you buffs and debuffs depending on the ranks.they make your attack and defences stronger.
the higher the ranks, the higher the power you have
your ranks are needed to enter solo dungeons, which give good loot and money.
getting better loot= higher ranks.
these are the ranks
and you unlock items from diff npc depends on the rank
f,e,d,c,b,a,a+,s,ss,sss,g,g+,m,mm,mmm,sr,ssr
to rank up , do rank upquests from the quest npc