The most common and most likely answer to this crossword clue is the 5 letter word BATHE
I've seen this crossword clue in Financial Times
B
A
T
H
E
More clues leading to the result BATHE
- Take a swim in city close to seaside
- Bill turned up with ambassador to have a swim
- Swim and play cricket with the man
- Order tabbouleh twice – in retrospect, somewhat steep
- Immerse oneself in article by graduate
- Bishop took food infused with hot dip
- Club that chap joined to go swimming
- Club man, a soak
- Cover hit man
- Wash tub’s last two articles
Buddy explains!

The straight part
We know that "dip" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case dip = bathe.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does BATHE mean?
BATHE noun- The act of swimming or bathing, especially in the sea, a lake, or a river; a swimming bath.
- To clean oneself by immersion in water or using water; to take a bath, have a bath.
- To immerse oneself, or part of the body, in water for pleasure or refreshment; to swim.
- To clean a person by immersion in water or using water; to give someone a bath.
- To apply water or other liquid to; to suffuse or cover with liquid.
- (transitive and intransitive) To cover or surround.
- To sunbathe.