As opposed to hybrid automatic repeat request with incremental redundancy (HARQ-IR) that all the resources are occupied to resend the redundant information, cross-packet HARQ (XP-HARQ) allows the introduction of new information into retransmissions to substantially exploit the remaining resources. This letter provides a profound investigation into the outage performance of XP-HARQ. In particular, the exact outage expression of XP-HARQ is derived if the maximum number of transmissions is two, and tight outage bounds are obtained for more than two transmissions. Moreover, the asymptotic outage analysis of XP-HARQ in the high signal-to-noise ratio (SNR) regime is carried out not only to simplify the outage expression, but also to show that full time diversity is achievable by XP-HARQ. The simulation results are eventually presented for verifications.