Is there a way to enable ranks in the community?

Short answer is Yes. We use Roles and/or Achievements to assign ranks and Automations to assign Roles. Users may have more than one role or achievements, however, so it may be necessary to remove a role/achievement through automation when "ranking up". Additionally, some customization of widgets will be necessary to display a user's current Rank as in the image above. Will do some more research on this and find the best way to provide this feature.

Thanks Jim!