"act of exulting, great gladness, triumphant delight," late 14c., exultacioun, from Old French exultacion "joyousness, exultation" and directly from Latin exultationem/exsultationem "a leaping for joy, exultation," noun of action from past-participle stem of exultare/exsultare (see exult). The notion is of leaping or dancing for joy. An Old English word for it was heahbliss "high bliss."
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