So as of the end of Vol 3, the current team has Ruby, Nora, Jean, and Ren.

So I was thinking that the team name could be RNJR, pronounced Ranger.

5349725 RNJR is the "official" team name. They are not actually called that, but Rooster Teeth uses the term.

5349731

Huh. Amd I thought I was being unique... this is what I get for not keeping up with the news.

5349725 The best part is, it still follow their "Color Naming Rules"

5349802

How is this relevant?

5349814 Almost all character names and team names revolve around a theme of color. Like how RWBY refers to Ruby and so on. It's a common thing that stands out with all of the characters in RWBY and it even goes as far as the team and character names.
http://rwby.wikia.com/wiki/Color_Naming_Rule

5349814
Because, teams in RWBY are supposed to be color based.

5349854 Only what, 6 people's names don't quite fit the rule, I believe? Ozpin, Goodwitch, Ironwood, Port, Oobleck, and Salem. Meaning, whatever happened to cause the whole color thing happened recently, maximum 2 generations ago
I know there's some hints to a war or something, but seeing as the show hasn't spoken of it, I don;t hold faith in fantheories

5349867 The war was given detail in Volume 2. Ozpin gives a speech about it.

5349867 Read all of the names on the Color Naming Rule page you link and your see only two of those names don't follow the rule.

Okay I cannot resist the pun:

There's also RRNJ - "Orange" but it's nowhere as cool as RNJR