Observational galaxy cluster studies at z>1.5 probe the formation of the first massive M>10^14 Msun dark matter halos, the early thermal history of the hot ICM, and the emergence of the red-sequence population of quenched early-type galaxies. We present first results for the newly discovered X-ray luminous galaxy cluster XMMU J1007.4+1237 at z=1.555, detected and confirmed by the XMM-Newton Distant Cluster Project (XDCP) survey. We selected the system as a serendipitous weak extended X-ray source in XMM-Newton archival data and followed it up with two-band near-infrared imaging and deep optical spectroscopy. We can establish XMMU J1007.4+1237 as a spectroscopically confirmed, massive, bona fide galaxy cluster with a bolometric X-ray luminosity of Lx=(2.1+-0.4)times 10^44 erg/s, a red galaxy population centered on the X-ray emission, and a central radio-loud brightest cluster galaxy. However, we see evidence for the first time that the massive end of the galaxy population and the cluster red-sequence are not yet fully in place. In particular, we find ongoing starburst activity for the third ranked galaxy close to the center and another slightly fainter object. At a lookback time of 9.4Gyr, the cluster galaxy population appears to be caught in an important evolutionary phase, prior to full star-formation quenching and mass assembly in the core region. X-ray selection techniques are an efficient means of identifying and probing the most distant clusters without any prior assumptions about their galaxy content.