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I've recently been looking at the relevance and usefulness of FP in javascript, and I've just started looking at the Reactive paradigm, mainly in the Rxjs[1] library.

Is this built based on similar principles?

[1] https://github.com/Reactive-Extensions/RxJS

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It is similar, though more on the lines of the video on the github page.

If I were trying to choose between the two, what reasons are there to pick yours as opposed to RxJS?

You should pick RxJS. frpjs is new and has a long way to go. Conceptually it is different.

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