I see papers saying that this will promote moderates, except that the papers are pretty naïve (looking one move ahead in a chess game) and promoted by people who mention “a need to fix the system” (aka as progressives). Also, Dems seem to prefer ranked choice more …
Here is what could happen:
currently extremists are eliminated (1) in primaries – extreme candidates will lose in the general, and (2) in the finals – 3rd party candidates are not popular because they take away from the major candidate on the same side
with ranked voting, now multiple candidates will be able to run legitimately, gaining some voters that will go to a major candidate in ranking. So, there will be more and more incentives to have multiple candidates with extreme or very narrow platforms. There will be not just a Jewish candidate for President, but separate Ashkenazi and Sephardi ones! At the end, there will be no unifying candidates left and we will have a choice between 10 extremists … this will not happen in one election, but over time.