There is no perfect setting for hip-hop or any other genre, but there are settings that are generally okay for each genre. Your choice in speakers (since different speakers have different properties that play certain frequencies better or more clear than others) and where you're speakers are set up (in a large room, outside, earbuds, headphones, etc.) will affect how you set your EQ settings. To illustrate this point, have you ever noticed the difference in the sound of a room that has no furniture or anything on the walls compared to when it's fully furnished? Also, settings are different for everyone. We all hear certain frequencies better or worse than other people do. Based on that, EQ settings are very personal. Here are some general tips though:
Set everything to the middle to start out. Every setting you change will affect every setting around it. Imagine the settings as a point on a curve where adjusting the point also affects the shape and position of the curve.
The lowest bass sounds you don't generally want to mess with too much but based on the curve idea I mentioned, you will likely want to move it depending on the settings next to it.
From about 50-200hz is the area you probably want to focus on for hip-hop/rap/pop if you're trying to get some heavier, punchy bass. The higher end of this is where you get the lowest notes from pianos, guitars, vocals, etc. I have found that sometimes if the curve isn't steep enough between 50 and 200, that you tend to get a more echoing like sound but if it's too steep then you lose some of that overall presence in those lower instrumentals and vocals.
The upper bass to lower midrange I would say maybe between 200 and 400hz is the higher end of your bassy instruments and is usually where I start to level out the sound a bit. I still usually add a bit to the lower end of this as it gives a little more of a rich sound to the music, but remember that bringing it up too close to your more bassy sounds can cause a bit of a reverb affect.
Your lower mid-range between 400 and 800hz is where you start to get into the main body of your instruments and vocals. Raising the lower end of this can make higher frequency instruments sound more muffled which is why I usually either keep this in the center of the EQ or a touch lower.
800hz to 2khz is your midrange and a fairly sensitive area to adjust. If you raise this area, you can give the instruments a more brassy sound. Raising it up at the top end of this frequency especially can really make it sound metallic like. I usually drop it here a bit and make around 2-2.5khz the bottom of the curve before I start to bring it up again.
The uppers midrange from about 2-4khz is where your percussive and rhythm instruments play. Raising this can provide some clarity especially to vocals. Just be careful how much you raise it since our ears can be very sensitive to this frequency and too much can cause listening fatigue.
4-6khz is the presence range and where the highest notes of regular instruments can be heard. Raising or lowering the bottom end of this can make the music sound closer or further away. If the sound is harsh and sharp, consonants popping out like the hissing sound of s's, then back off the higher end of this and the lower end of the brilliance frequency.
Above 6khz is the brilliance frequency. Remember the lower end can cause the music to sound harsh if raised too much, but boosting around 12khz you can give you more of that hi-fi sound. It's where you'll get that resonance from the crashing of the symbol. Boosting above the 12khz range can cause a more synthetic sound and isn't really great for any music in my opinion. You're less likely to even notice much of a difference in sound above 14khz as you get older anyways.
As a side note, I'm not a sound engineer, but all this talk about adding to the EQ causing clipping doesn't make sense to me. I'm pretty sure that your gear (receiver, amplifier, filters, speakers, etc.) influences whether or not clipping happens. Like if you have stock speakers in your car and no subwoofer, raising the lower bass frequencies might cause the clipping to sound more prominent, but doesn't actually cause it to happen, right?
