RRP = Reverse Repo

A reverse repurchase agreement (RRP) is the act of buying securities temporarily with the intention of selling those same assets back in the future at a profit. It refers to the seller side of a repurchase agreement (=repo). 

These transactions, which often occur between two banks, are essentially collateralized loans. The difference between the original purchase price and the buyback price, along with the timing of the transaction (often overnight), equates to interest paid by the seller to the buyer.