Definition of hip exclamation from the Oxford Advanced American Dictionary

 

hip

 exclamation
exclamation
NAmE//hɪp//
 
 
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Idioms
hip, hip, hooray!(hip, hip, hurrah!)
 
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used by a group of people to show their approval of someone. One person in the group sayship, hipand the others then shouthooray “Three cheers for the bride and groom: Hip, hip…” “Hooray!”
See the Oxford Advanced Learner's Dictionary entry: hip