The phrase pairs with buy-the-dip and carries the same problem: it describes a stance, not a plan. A rip is only identifiable as a selling opportunity afterwards, and in a strong uptrend selling every rally is how a short book gets destroyed.
Used well it means something specific: in a defined downtrend, wait for a counter-trend rally into resistance rather than chasing weakness. Used badly it is a permabear explaining why every advance is fake. The difference is whether there is a level, a stop, and a condition that would make you stop saying it.
Related: buy-the-dip, rip, permabear, mean-reversion