diff --git a/packages/xahau/src/models/transactions/oracleSet.ts b/packages/xahau/src/models/transactions/oracleSet.ts
index 6b3f395d..efd14615 100644
--- a/packages/xahau/src/models/transactions/oracleSet.ts
+++ b/packages/xahau/src/models/transactions/oracleSet.ts
@@ -1,5 +1,6 @@
 import { ValidationError } from '../../errors'
 import { PriceData } from '../common'
+import { isHex } from '../utils'
 
 import {
   BaseTransaction,
@@ -12,6 +13,8 @@ import {
 
 const PRICE_DATA_SERIES_MAX_LENGTH = 10
 const SCALE_MAX = 10
+const MINIMUM_ASSET_PRICE_LENGTH = 1
+const MAXIMUM_ASSET_PRICE_LENGTH = 16
 
 /**
  * Creates a new Oracle ledger entry or updates the fields of an existing one, using the Oracle ID.
@@ -82,7 +85,7 @@ export function validateOracleSet(tx: Record<string, unknown>): void {
 
   validateOptionalField(tx, 'AssetClass', isString)
 
-  // eslint-disable-next-line max-lines-per-function -- necessary to validate many fields
+  /* eslint-disable max-statements, max-lines-per-function -- necessary to validate many fields */
   validateRequiredField(tx, 'PriceDataSeries', (value) => {
     if (!Array.isArray(value)) {
       throw new ValidationError('OracleSet: PriceDataSeries must be an array')
@@ -142,14 +145,32 @@ export function validateOracleSet(tx: Record<string, unknown>): void {
         )
       }
 
-      if (
-        // eslint-disable-next-line @typescript-eslint/no-unsafe-member-access -- we are validating the type
-        'AssetPrice' in priceData.PriceData &&
-        // eslint-disable-next-line @typescript-eslint/no-unsafe-member-access -- we are validating the type
-        !isNumber(priceData.PriceData.AssetPrice)
-      ) {
-        throw new ValidationError('OracleSet: invalid field AssetPrice')
+      /* eslint-disable @typescript-eslint/no-unsafe-member-access, max-depth --
+      we need to validate priceData.PriceData.AssetPrice value */
+      if ('AssetPrice' in priceData.PriceData) {
+        if (!isNumber(priceData.PriceData.AssetPrice)) {
+          if (typeof priceData.PriceData.AssetPrice !== 'string') {
+            throw new ValidationError(
+              'OracleSet: Field AssetPrice must be a string or a number',
+            )
+          }
+          if (!isHex(priceData.PriceData.AssetPrice)) {
+            throw new ValidationError(
+              'OracleSet: Field AssetPrice must be a valid hex string',
+            )
+          }
+          if (
+            priceData.PriceData.AssetPrice.length <
+              MINIMUM_ASSET_PRICE_LENGTH ||
+            priceData.PriceData.AssetPrice.length > MAXIMUM_ASSET_PRICE_LENGTH
+          ) {
+            throw new ValidationError(
+              `OracleSet: Length of AssetPrice field must be between ${MINIMUM_ASSET_PRICE_LENGTH} and ${MAXIMUM_ASSET_PRICE_LENGTH} characters long`,
+            )
+          }
+        }
       }
+      /* eslint-enable @typescript-eslint/no-unsafe-member-access, max-depth */
 
       if (
         // eslint-disable-next-line @typescript-eslint/no-unsafe-member-access -- we are validating the type
@@ -173,4 +194,5 @@ export function validateOracleSet(tx: Record<string, unknown>): void {
     }
     return true
   })
+  /* eslint-enable max-statements, max-lines-per-function */
 }
diff --git a/packages/xahau/test/integration/transactions/oracleSet.test.ts b/packages/xahau/test/integration/transactions/oracleSet.test.ts
index 5927963d..9725b2f8 100644
--- a/packages/xahau/test/integration/transactions/oracleSet.test.ts
+++ b/packages/xahau/test/integration/transactions/oracleSet.test.ts
@@ -39,6 +39,17 @@ describe('OracleSet', function () {
               Scale: 3,
             },
           },
+          {
+            PriceData: {
+              BaseAsset: 'XRP',
+              QuoteAsset: 'INR',
+              // Upper bound admissible value for AssetPrice field
+              // large numeric values necessarily have to use str type in Javascript
+              // number type uses double-precision floating point representation, hence represents a smaller range of values
+              AssetPrice: 'ffffffffffffffff',
+              Scale: 3,
+            },
+          },
         ],
         Provider: stringToHex('chainlink'),
         URI: '6469645F6578616D706C65',
@@ -62,12 +73,18 @@ describe('OracleSet', function () {
       assert.equal(oracle.Owner, testContext.wallet.classicAddress)
       assert.equal(oracle.AssetClass, tx.AssetClass)
       assert.equal(oracle.Provider, tx.Provider)
-      assert.equal(oracle.PriceDataSeries.length, 1)
+      assert.equal(oracle.PriceDataSeries.length, 2)
       assert.equal(oracle.PriceDataSeries[0].PriceData.BaseAsset, 'XRP')
       assert.equal(oracle.PriceDataSeries[0].PriceData.QuoteAsset, 'USD')
       assert.equal(oracle.PriceDataSeries[0].PriceData.AssetPrice, '2e4')
       assert.equal(oracle.PriceDataSeries[0].PriceData.Scale, 3)
       assert.equal(oracle.Flags, 0)
+
+      // validate the serialization of large AssetPrice values
+      assert.equal(
+        oracle.PriceDataSeries[1].PriceData.AssetPrice,
+        'ffffffffffffffff',
+      )
     },
     TIMEOUT,
   )
diff --git a/packages/xahau/test/models/oracleSet.test.ts b/packages/xahau/test/models/oracleSet.test.ts
index 18ce5d87..b7f90a61 100644
--- a/packages/xahau/test/models/oracleSet.test.ts
+++ b/packages/xahau/test/models/oracleSet.test.ts
@@ -167,8 +167,24 @@ describe('OracleSet', function () {
   })
 
   it(`throws w/ invalid AssetPrice of PriceDataSeries`, function () {
-    tx.PriceDataSeries[0].PriceData.AssetPrice = '1234'
-    const errorMessage = 'OracleSet: invalid field AssetPrice'
+    // value cannot be parsed as hexadecimal number
+    tx.PriceDataSeries[0].PriceData.AssetPrice = 'ghij'
+    const errorMessage =
+      'OracleSet: Field AssetPrice must be a valid hex string'
+    assert.throws(() => validateOracleSet(tx), ValidationError, errorMessage)
+    assert.throws(() => validate(tx), ValidationError, errorMessage)
+  })
+
+  it(`verifies valid AssetPrice of PriceDataSeries`, function () {
+    // valid string which can be parsed as hexadecimal number
+    tx.PriceDataSeries[0].PriceData.AssetPrice = 'ab15'
+    assert.doesNotThrow(() => validate(tx))
+  })
+
+  it(`throws w/ invalid AssetPrice type in PriceDataSeries`, function () {
+    tx.PriceDataSeries[0].PriceData.AssetPrice = ['sample', 'invalid', 'type']
+    const errorMessage =
+      'OracleSet: Field AssetPrice must be a string or a number'
     assert.throws(() => validateOracleSet(tx), ValidationError, errorMessage)
     assert.throws(() => validate(tx), ValidationError, errorMessage)
   })