This Colorful looks ring reminds those of the Bifrost, the colorful bridge that is watched over and connects various places to it.
The rainbow bridge that connects Asgard, the world of the Aesir tribe of gods, with Midgard, the world of humanity. Bifrost is guarded by the ever-vigilant god Heimdall. During Ragnarok, the giants will breach Heimdall’s defenses and cross the bridge to storm Asgard and slay the gods. the meaning would be something akin to “the shaking or trembling rainbow.” In either case, the word points to the ephemeral and fragile nature of the bridge – just like the nature of a physical rainbow.