Xmp is Intel eXtreme Memory Profile. Skylake cpus memory controller runs at 2133, kabylake runs 2400. In each set of ram, there's certain parameters, this'll include voltage, timings, speeds per data rate (ddr4 is double data rate version 4).
This info can be found on the jadec table that's available if you use cpu-z or other software that'll read the ram bios.
All that said, your ddr4 default speed is 2133. If you just plug it in, that's what it'll run at, which is fine, plug-n-play. You can lower speeds, if you choose to (dunno why) and you'll see the speeds and associated info on the jadec table. Xmp is basically the optimal speed as set by individual ram, so if you buy 2400, it'll start at 2133,but you can enable xmp which will use predetermined optimal parameters and bump it to 2400. If you buy 3200, it'll start at 2133, but xmp1 will be 3200, xmp2 might be 2933, xmp3 2666, xmp4 2400 or similar. Each will have optimal timings and voltages etc pre-set. Xmp just eliminates any user guess work to set higher speeds.
There's 2 trains of thought about the (OC) listing on the ram. Mobo side, a Z270 for instance, is designed primarily for a kabylake cpu. So 2133, 2400 will be listed as normal operating speeds. Anything over normal cpu supported could be considered OC, so 3200 would require manual intervention, be it enabling xmp or manual OC to something higher than 2400. The other train of thought is that if you buy 3200,it has a factory setting for that speed, so is as is, it'll only be OC if pushed beyond 3200. But many systems, for one reason or another, be it the voltage needed by the MC, voltage needed by the ram for stability at higher speeds, will require extra voltage or extra speed or extra current or extra anything set in the bios. This is a departure from stock, therefore its most definitely OC of some sort. So to get ram stability at anything higher than the base 2400 could require OC of the cpu. This way of thinking is supported by the fact that non-OC motherboards will only support 2133, 2400 ram.
Pretty much both ways mean the same thing, in order to reach high speeds, something is going to see OC, either cpu or ram or both.