Precipitation beginning to settle currently (4)
I believe the answer is:
snow
'precipitation' is the definition.
(I know that Snow is a type of precipitation)
'beginning to settle currently' is the wordplay.
'beginning to' suggests taking the first letters.
'currently' becomes 'now' (right now).
The initial letter of 'settle' is 's'.
's'+'now'='SNOW'
(Other definitions for snow that I've seen before include "Spring flower" , "Standard of whiteness" , "White flakes" , "Flakes that drift" , "Weather feature" .)