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ripping (adj.)

1714, "cutting," present-participle adjective from rip (v.). Slang meaning "very fast, rapid" (probably now obsolete) is from 1826; hence the further slang development "excellent, splendid" (1846), marked in OED (1989) as "Now somewhat arch." Related: Rippingly.

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Definitions of ripping from WordNet

ripping (adj.)
resembling a sound of violent tearing as of something ripped apart or lightning splitting a tree;
the tree split with a great ripping sound
Synonyms: rending / splitting
ripping (adj.)
very good; of the highest quality;
From wordnet.princeton.edu