Continuation of American’s truly gripping novel (7)
I believe the answer is:
renewal
'continuation' is the definition.
(renewal is a kind of continuation)
'american's truly gripping novel' is the wordplay.
'american's truly' becomes 'real' ('real' can mean 'very' or 'truly' in US usage).
'gripping' indicates putting letters inside.
'novel' becomes 'new' ('new' can be a synonym of 'novel').
'real' enclosing 'new' is 'RENEWAL'.
'of' is the link.
(Other definitions for renewal that I've seen before include "Resumption, re-establishment" , "Renovation; resumption" , "Revitalisation" , "Replacement" , "Fresh beginning" .)