>>> df["rank"] = df.groupby("group_ID")["value"].rank("dense", ascending=False)
>>> df
group_ID item_ID value rank
0 0S00A1HZEy AB 10 2
1 0S00A1HZEy AY 4 3
2 0S00A1HZEy AC 35 1
3 0S03jpFRaS AY 90 1
4 0S03jpFRaS A5 3 5
5 0S03jpFRaS A3 10 2
6 0S03jpFRaS A2 8 4
7 0S03jpFRaS A4 9 3
8 0S03jpFRaS A6 2 6
9 0S03jpFRaS AX 0 7