Green’s Dictionary of Slang

(US) a mural painted to commemorate someone from the neighborhood who has recently been killed.

2000

E. Quiñones Bodega Dreams 5: If you were a graffiti artist and people knew you were a good one, death meant an opportunity to make a few bucks. Someone close to the deceased [...] would knock on your door. ‘Mira, my cousin Freddy just passed away. Can you do him an R.I.P.?’.