Item Power - Albion Online Wiki
https://wiki.albiononline.com/wiki/Item_PowerItem Power, often shortened to IP, is a value assigned to gear pieces, such as armor, weapons and accessories, to measure their strength. An increase in item power will improve most (all?) of an item's flat bonuses, though percentage bonuses are unaffected. The magnitude of this increase is described a bit in this forum post by Korn.