diff --git a/core/math/color.cpp b/core/math/color.cpp
index d032a3fec718..68f71ccfa646 100644
--- a/core/math/color.cpp
+++ b/core/math/color.cpp
@@ -246,6 +246,19 @@ void Color::set_ok_hsl(float p_h, float p_s, float p_l, float p_alpha) {
 	a = c.a;
 }
 
+void Color::set_ok_hsv(float p_h, float p_s, float p_v, float p_alpha) {
+	ok_color::HSV hsv;
+	hsv.h = p_h;
+	hsv.s = p_s;
+	hsv.v = p_v;
+	ok_color::RGB rgb = ok_color::okhsv_to_srgb(hsv);
+	Color c = Color(rgb.r, rgb.g, rgb.b, p_alpha).clamp();
+	r = c.r;
+	g = c.g;
+	b = c.b;
+	a = c.a;
+}
+
 bool Color::is_equal_approx(const Color &p_color) const {
 	return Math::is_equal_approx(r, p_color.r) && Math::is_equal_approx(g, p_color.g) && Math::is_equal_approx(b, p_color.b) && Math::is_equal_approx(a, p_color.a);
 }
@@ -476,6 +489,12 @@ Color Color::from_ok_hsl(float p_h, float p_s, float p_l, float p_alpha) {
 	return c;
 }
 
+Color Color::from_ok_hsv(float p_h, float p_s, float p_l, float p_alpha) {
+	Color c;
+	c.set_ok_hsv(p_h, p_s, p_l, p_alpha);
+	return c;
+}
+
 float Color::get_ok_hsl_h() const {
 	ok_color::RGB rgb;
 	rgb.r = r;
diff --git a/core/math/color.h b/core/math/color.h
index ae91677d258a..5d3ec4b5ec08 100644
--- a/core/math/color.h
+++ b/core/math/color.h
@@ -62,6 +62,7 @@ struct [[nodiscard]] Color {
 	float get_ok_hsl_s() const;
 	float get_ok_hsl_l() const;
 	void set_ok_hsl(float p_h, float p_s, float p_l, float p_alpha = 1.0f);
+	void set_ok_hsv(float p_h, float p_s, float p_v, float p_alpha = 1.0f);
 
 	_FORCE_INLINE_ float &operator[](int p_idx) {
 		return components[p_idx];
@@ -214,6 +215,7 @@ struct [[nodiscard]] Color {
 	static Color from_string(const String &p_string, const Color &p_default);
 	static Color from_hsv(float p_h, float p_s, float p_v, float p_alpha = 1.0f);
 	static Color from_ok_hsl(float p_h, float p_s, float p_l, float p_alpha = 1.0f);
+	static Color from_ok_hsv(float p_h, float p_s, float p_l, float p_alpha = 1.0f);
 	static Color from_rgbe9995(uint32_t p_rgbe);
 	static Color from_rgba8(int64_t p_r8, int64_t p_g8, int64_t p_b8, int64_t p_a8 = 255);
 
diff --git a/scene/gui/rich_text_label.cpp b/scene/gui/rich_text_label.cpp
index 692f018f297b..705a1d414ef4 100644
--- a/scene/gui/rich_text_label.cpp
+++ b/scene/gui/rich_text_label.cpp
@@ -1296,7 +1296,7 @@ int RichTextLabel::_draw_line(ItemFrame *p_frame, int p_line, const Vector2 &p_o
 						} else if (item_fx->type == ITEM_RAINBOW) {
 							ItemRainbow *item_rainbow = static_cast<ItemRainbow *>(item_fx);
 
-							font_color = font_color.from_hsv(MAX(item_rainbow->frequency, 0) * Math::abs(item_rainbow->elapsed_time * item_rainbow->speed + ((p_ofs.x + off_step.x) / 50)), item_rainbow->saturation, item_rainbow->value, font_color.a);
+							font_color = font_color.from_ok_hsv(MAX(item_rainbow->frequency, 0) * Math::abs(item_rainbow->elapsed_time * item_rainbow->speed + ((p_ofs.x + off_step.x) / 50)), item_rainbow->saturation, item_rainbow->value, font_color.a);
 						} else if (item_fx->type == ITEM_PULSE) {
 							ItemPulse *item_pulse = static_cast<ItemPulse *>(item_fx);
 
diff --git a/scene/gui/rich_text_label.h b/scene/gui/rich_text_label.h
index 156e972b3651..79331c527e8c 100644
--- a/scene/gui/rich_text_label.h
+++ b/scene/gui/rich_text_label.h
@@ -454,8 +454,8 @@ class RichTextLabel : public Control {
 	};
 
 	struct ItemRainbow : public ItemFX {
-		float saturation = 0.8f;
-		float value = 0.8f;
+		float saturation = 0.9f;
+		float value = 1.0f;
 		float frequency = 1.0f;
 		float speed = 1.0f;