XP should be based on your mission accomplishments, and raids completion, and should be faction based. If you do better you get a higher rank. But there should be the ability to lose your rank and go down, if other people do better.
Also equipment should not be xp based, but faction based equipment maybe. I will say this there should be two types of ranking. One is just normal xp rank and another is command rank, the better you do the higher your rank, the worse you do the lower your rank
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You've never played an MMO before have you? And yes I know Destiny isn't an MMO, but it's close.