An utterance that is normally used to express sorrow or grief for a person, usually close ones like friends and family, in unfortunate circumstances, or for someone who recently died.
Additionally, the phrase can be used in a playful manner, such as when a person dies ludicrously quickly in a videogame.
Person 1: "Hey Jerry have you heard that our good boy Larry got into a severe car crash and had to get his right leg amputated?"
Person 2: "Yeah, rip the homie."
Other Person 1: *gets headshotted when peeking mid in Dust 2*
Other Person 2: "Rip the homie lmfao"