"cutting," 1714, present-participle adjective from rip (v.). Slang meaning "very fast, rapid" is from 1826; hence further slang development "excellent, splendid" (1846). Related: Rippingly.
the tree split with a great ripping sound
ripe
ripen
rip-off
riposte
ripper
ripping
ripple
rip-rap
riproaring
rip-saw
ripsnorter