After the Lord's Ascension, St Luke (who wrote Acts of the Apostles) tells us that the Apostles gathered around the Blessed Virgin Mary in prayer as they awaited the descent of the Holy Spirit at Pentecost. This image, the Church gathered around Mary, meditating upon the Life, Death, and Resurrection of Jesus, is the theological and historical foundation for the Holy Rosary.
The Rosary itself was revealed by Our Lady to St Dominic in the early 1200s, but it is based on much older traditions. In the early Church, Christians would recite all 150 psalms every day - and this eventually developed into reciting 150 Our Fathers or Hail Mary's daily. This is where the 15 decades (150 Hail Mary prayers) comes from, and why many of the saints recommend attempting to recite not just 5 decades of the Rosary, but even 15 decades daily.
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