Board Thread:Mortal Kombat X/@comment-25033529-20150505005712/@comment-1392464-20150509165914

Neither really. That was just an assumption on my side that the Elder Gods can strip other gods from the title, as Elder Gods are supposedly omnipotent. But you're right, as if they could they would have done it with Shinnok, and they didn't.

As for Raiden, he didn't lost his title for his sacrifice, he just rejected from his position as Elder God before the start of Deadly Alliance, as he couldn't interfere in mortal affairs as an Elder God. So and Elder God can reject beign "Elder". That's the only certain thing we know if we stick to canon.