You'll need some coding to do this - ranking is generally supposed to be done by product owners, not automatic.
It's probably not a simple thing to do either - looking at priority and labels is easy enough, but it could be quite complicated to decide how to actually rank something. What, for example, do you do if another issue has the same priority and labels, is the new one to go above or below it? How do you handle what to do if someone has re-ranked that issue differently to your code? And so-on.
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