[2] The species was described by Gerald R. Allen and Samuel J. Renyaan in 1996, and was named after David Price, who collected the type specimen for this species.

[3] Chilatherina pricei is endemic to Yapen, Cenderawasih Bay, Western New Guinea, Indonesia, where it is found in the main channel of the Reifafeif river system over boulders or rocks.

[4] Price's rainbowfish is sometimes found with the Melanotaenia japenensis, despite it generally not occurring in the main channel of the Reifafeif river.

[2] Price's rainbowfish grows to a length of 7 to 10 cm (2.8 to 3.9 in), and was described based on 23 collected specimens.

It looks similar to Chilatherina fasciata, but has a blunter snout.