The Rainbow Fountain Faerie is a Water Faerie who lives in Faerieland. She is one of the wonderful Faeries to give out quests. Hers are extremely rare. She will ask you to find an item with a rarity of 94,95, or 96. This means it could be a cheap quest (it has been seen her asking for Healing Potion XVII which is around 500NP), although it could be an item worth much much more.