I'm not sure the ring fits the definition of a Mcguffin. It's more a character all on its own. I consider a mcguffin an item that can be replaced by most anything, and it won't affect the story. But the ring needs to be a ring in order to slip off hands, where it shows it has it's own agency. Maybe it could be a crown, or a broach, or something small, but it can't be replaced by anything and not drastically affect the story.
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