In this conversation, can I use "hold on" instead of "stop right there?"
In this case, "stop right there" has a meaning closer to "don't say anymore" than "hold on." In situations like this, "stop right there" is an informal expression used to mean that someone doesn't require further explanation or convincing. The speaker has used it to express his willingness to also join along. Ex: A: Do you want to go get some pizza? It's two-for-one today. B: Stop right there. When are we leaving? Ex: Stop right there. I don't need to hear anymore.
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