McLaren recently cancelled the final year of the Australian's contract, following a string of disappointing results, and he remains without a seat for 2023.
"I still have that fire in me and that belief in my belly that I can do this at the highest level," Ricciardo commented, after confirming his McLaren exit.
Hamilton sympathised with the 33-year-old's predicament and added that Ricciardo is still good enough to challenge for honours in Formula 1.
"It's really unfortunate for Daniel," Hamilton said last weekend at Spa.
"I still think he deserves a place here in the sport. So I really hope there's somewhere great for him, because he's still got lots to achieve."
On Ricciardo's shortcomings at McLaren this year, Hamilton added: "When you do short deals... it takes time to bond with a team, it takes time to build relationships, it's not something that you can do in half a year or a year."
Ricciardo is 13th in the Drivers' Championship standings with 19 points, while his McLaren team-mate Lando Norris is seventh with 76.