Apologies for not responding earlier!
On it's own, the ring doesn't seem to do much! Perhaps it'd be best to check some other parts of the game first... Maybe you can find a way to use the odd shrine's advice?
Bigger hint: When you die, some odd numbers appear. Perhaps they correlate to this advice? Where else have you seen numbers?
Even Bigger hint:
All options have a number, but if you follow them from the start, there's no number 4. Perhaps something is hidden where you're expected to find it?