Is it possible to view video streams (H.264 live feed) natively in iPhone using RTP/RTSP?

The only way to view stream content on mobile iOS devices is by using HLS.  

HLS, or HTTP Live Streaming, is an HTTP-based streaming protocol actualized by Apple Inc for use with their iOS devices (iPod, iPad, iPhone).  

If you would like to stream to iPhone without having to send a second stream or change the way you stream, NetroMedia will take your incoming RTSP stream and re-stream it in an HLS version.