So wait a minute, isn't Hraunhafnartangi supposed to be the northernmost point? Your travel guidebook may say so. Search the internet and you will find different answers. However, in general Rifstangi is considered to be slightly northerly (meters? centimeters?). What is more, right at the beginning of the path which leads to Hraunhafnartangi you will find a sign which also confirms that Rifstangi "wins".
One thing is clear: The hike to Hraunhafnartangi is easier, with a good 4x4 car you might even drive there and it has a fancy lighthouse. In fact, the lighthouse has been moved from Rifstangi to Hraunhafnartangi in 1945. (source). Rifstangi, however, is a very lonely place. On your way to the cache you will see an abandoned farm ("Rif") and you will finde a lot of driftwood and plastics from the sea. At ground zero you will realise that you can walk even more to the north and you will see a shipwreck there. The cache, however, had to be placed in safe distance to the sea.
Directions: Park your car at the given PP coordinates. From there you will see a sign which says "Rif". Follow this track. This track covers about 3/4 of the distance to the cache. Eventually, you will have to find your own way. The track is easy to hike, but towards the end it is quite stony and covered with all sort of stuff from the sea.
View from the cache towards north