What does RHIP mean?
Rank Has Its Privileges
Other definitions of RHIP:
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Rank Hath Its Privileges
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How to use the term RHIP:
There are no example uses of RHIP at this time. We would greatly appreciate your contribution if you would like to submit your own!
More slang terms:

GALHIM
Get A Load of Him

YAAGF
you are a good friend

CBJ
Covered Blow Job

BSTS
Better safe than sorry