Preheat your oven to 350°F (175°C) and line a baking sheet with parchment paper.
In a medium bowl, whisk together the flour, baking powder, baking soda, and salt until combined. Set aside.
In a large mixing bowl, cream the softened butter and sugar together using an electric mixer on medium speed until light and fluffy, about 2-3 minutes.
Add in the egg, vanilla extract, and almond extract; mix until fully incorporated.
Gradually add the dry ingredients to the wet mixture, mixing on low speed just until combined. Do not overmix.
Gently fold in the rainbow sprinkles and white chocolate chips until evenly distributed throughout the dough.
Scoop tablespoons of the dough and roll them into balls; place them onto the prepared baking sheet about 2 inches apart. Flat the tops slightly and sprinkle with extra rainbow sprinkles.
Bake in the preheated oven for 10-12 minutes, or until the edges are lightly golden but the centers still look soft.
Remove from the oven and let the cookies cool on the baking sheet for about 5 minutes before transferring them to a wire rack to cool completely.
Notes
Stack the cookies on a decorative plate and drizzle some melted white chocolate over them for an extra festive touch!