For Episode 2 VALORANT merged the Immortal ranks into one rank. In the upcoming Episode 3 Act II, they are rolling back these changes. Therefore, separate Immortal ranks are making a return.
Previously, the player count in Immortal ranks was around 1% and thus Riot felt that having three separate ranks for such a low player count would be unnecessary. This is why in a patch in Episode 2 Act I Riot decided to merge all the Immortal ranks under one rank. The emblem of this rank would appear as the Immortal 3 emblem.
Also, Riot introduced regional ranking for the Immortal players so that instead of Immortal I, II, and III, players could see Immortal and then their position in the regional Leaderboard. Along with that, Radiant was no longer a Rank that required Elo to reach. It was set that the top 500 players of the region would be able to reach Radiant. This made the regions with a higher skill ceiling have fewer Radiants while making the rank of Radiant easier to reach for other regions.
But earlier today according to Mike from ValorLeaks who is a reliable data miner in the community, Riot has decided to roll back these changes and make Immortal a separate rank once again. This means they will be bringing back Immortal I, II, and III.
In addition, this time around the maximum placement rank will be set as diamond 3.
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Players are speculating that the condition for reaching Radiant will return to how it was before the Episode 2 update. Players will be required to reach a certain Elo to get the rank of Radiant.