Elliptic curves are a particular kind of cubic equation, exactly like the quadratic equations you studied in junior high algebra, except with one term being raised to the third power instead of just squared (and a few other conditions). It turns out that these equations have vastly more complicated behavior than quadratics and give rise to a whole host of problems that mathematicians are still working to solve. One of the interesting problems arises when you ask: what are the solutions to the equation if we restrict ourselves only to rational numbers? It turns out that rational solutions to elliptic curve equations can be grouped into families of solutions where each member of the family can be derived from other members by linear operations (addition and multiplication by a constant). The number of such families of solutions is called the rank of the equation. (Note: it's actually a little more complicated than that, but that's the gist of it. See [1] if you want the details.)

It is observed empirically (by solving lots of elliptic curve equations) that the rank tends to be small. Indeed, the elliptic curve that made the news did so because it has a rank of 29, the largest rank currently known. But no one knows if this is the biggest possible (almost certainly not) or if there is an upper bound on the possible rank of an elliptic curve. Solving that would win you a Fields medal.

(Note: there are results on the upper bound of the average rank of families of elliptic curves [2] but that is not the same as an absolute upper bound.)

---

[1]https://en.wikipedia.org/wiki/Rank_of_an_elliptic_curve

[2] https://en.wikipedia.org/wiki/Rank_of_an_elliptic_curve#Uppe...