Capable of being embraced or worthy of being embraced.
From embrace (from Old French embracer, from em- + brace 'arms') + -able (from Latin -abilis, meaning 'capable of'). The -able suffix became productive in English to describe things that can be done to something.
The -able suffix is one of the most prolific word-building tools in English—you can attach it to almost any verb, and people will understand what you mean, even if it's not in the dictionary yet. That's why embraceable feels natural even if it's rare!
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