The Shy Snow Woman and The Cursed Ring 2 - 雪女さんと呪いの指輪2

So from what I understand when Kaede pointed out it was feeling envy from the ring, it was actually envious of Satoru getting his way with not only Yukino but also Kaede? And it decided to break off of him to use the energy it gathered and create a physical body, so she(?) can have Satoru to herself now?

Absolute cinema, even better that the ring decided to rock a black-red fit with white hair, gotta be one of my favorites