To have a rank of some significance in an organization, to have ascended above the rank-and-file members of the group, and have more responsibility and more status.
Joe used to be an unpaid intern, but when Gus left, Joe got promoted and now he's wearing a stripe.
Chris Moltisanti used to be a little shitheel till he got made. Now he's wearing a stripe.
When you fart so many wet smelly farts that you have go to the bathroom and wipe then you get a little stripe on the toilet paper. Also known as Mississippi mud butt.
I cut like sixteen hot farts and had to go upstairs and wipe a stripe cuz it felt all wet and uncomfortable in my boxers.