Support came through with a solution.
In your Ready API installation folder, in the Contents directory, please find the vmoptions file and open it in a text editor.
Add/edit these lines in the file:
Set Xms128m and -Xmx to 4000 if your ram is 4GB or 8000 if its 8GB -XX:MaxPermSize=128m
I've been running a few days now without a crash.
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I'm facing this problem in ReadyAPI v2.2.0 and frequently getting crashed. is anyone facing this problem in ready API 2.2.0 version. If so, please help me on this.