You can get another ragol ring from what I know.
you said "fine then ignore me"
so i said "will do"
now now children stop bickering

:p

I think that if u beat all EP1 and EP2 ULT bosses without unequiping the ring,it gets permanent.
i heard all you have to do is beat episode 1 everyboss on anymode without dying, then beat the last boss, and it's permanent, but if you beat the first boss for the first time with the ragol ring it will go away, but if you beat 2 bosses and you die , you can die once more before the ring dissapears etc.etc.