Its kinda spendy but there is a suspension kit available from Polaris that works really good, part# RZRXP900. It offers great travel and a smooth, plush, confidence inspiring ride. In fact it works so well you'll swear you have more power to tackle the most difficult terrain.
Polaris also has another kit that works really good too, not as good as the #RZRXP900 kit but it runs a close second, part# RZRS800.
The best part is the dealer can probably help you dispose of your 08 ranger xp 700 take off may even be able to to get you $$$ to boot.
Go to your local Polaris dealer and check out either of these bitchin factory suspension kits for yourself.
You can thank me later