Let Israel hope in the Lord; or, "O Israel, hope in the Lord;" i.e. continue to hope, even though in the "depths" of calamity (see Psalms 130:1). For with the Lord there is mercy (see above, Psalms 130:4, and the comment ad loc).
And with him is plenteous redemption (comp. Psalms 111:9). Enough and to spare for all (see Isaiah 55:1).