RIP (Routing Information Protocol) is a distance vector routing protocol that exchanges routing information between routers to determine the best path. It uses hop count as the path selection metric and limits paths to 15 hops. RIP routers send routing updates every 30 seconds by default to advertise routes and timers are used to mark routes as invalid if updates are not received. It has features like split horizon and hold-down to improve stability but only considers hop count in path selection.