RIP (Routing Information Protocol) is a standard routing protocol that exchanges routing information between gateways and hosts. It works by limiting routes to a maximum of 15 hops to prevent routing loops. There are three versions of RIP: RIP version 1 supports only classful routing; RIP version 2 adds support for VLSM and authentication; and RIPng extends RIP version 2 to support IPv6. RIP has limitations such as a small hop count limit and slow convergence times. It is commonly implemented in Cisco IOS, Junos, and open source routing software.