“For this reason” is a continuation of Paul’s thoughts, that he wants to bless them and pray for them. He recognizes that they were also chosen and he therefore wants to lift them up in prayer that they might see the great power of God in their lives.
“heard about your faith in the Lord Jesus and your love for all God’s people” — their lives have been a testimony to the gospel. They trust Jesus. They love others.
“I have not stopped giving thanks for you, remembering you in my prayers” — they are constantly on Paul’s heart. He lifts them up in prayer regularly.
Far above all rule, authority, power, dominion, and every name.