Show a legend of your forum's groups in your Active Users bar,
sorted in the order you specify. Handy so that people know what those
group prefixes and suffixes mean when they see them applied to the
Active Users.
Though not indicated by the author, I've tested this and it does work on 3.4.x.
The IPS site state different:
yes but a converter for ips 4 are create and he is in beta you can found him in marketplace https://community.invisionpower.com/files/file/7814-ips4-converters-beta/
As stated before, everyone has the ribbons, and I'd also add that manually searching for group ID's is a bit lame as well, you could change that with a pickable version on which groups it will show.