Worthy of applause; deserving praise or commendation.
From applaud (from Latin applaudere: ad- 'to' + plaudere 'to strike/clap') plus -able (capable of being). This follows the standard pattern of forming adjectives meaning 'worthy of' or 'capable of being' something.
While we say 'praiseworthy' all the time, 'applaudable' is the more literal choice—it means something specifically deserves actual clapping and cheering. It's a word that sounds more formal and old-fashioned, which is why you mostly see it in classical literature and formal speeches.
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