Planning is the activity where you decide your testing strategy, e.g., which requirements you want to validate, how you want to validate them, will it be a manual or automated test, the resource allocation, and the execution plan (whom and when will execute the tests). Depending on several factors, you may want to prioritise some of the tests, or give more focus on some requirements.
Inside your Test Plan you can put the Tests you want to track for a given version and the Test Plan will show you the consolidated results for those Tests. In other words, it will present the latest status of each Test, independently of the number of testing iterations (i.e., Test Execution) you make with them.
A Test Plan is a Jira Issue Type from Xray, so you can create it as any other issue type.
Learn more with our Tips for planning Tests: