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The cost of this is near the upper end in terms of casting cost and equip cost, but for such a strong card, I'll get over it

But it can attack and pick up new ones

Granting yourself protection from everything is a huge reason to play the card, especially if you can bounce and recur it multiple times, but the ability to draw cards (even if the life loss mounts each time you do) pushes The One Ring up to one of the best Artifacts printed in Magic's history

Subsequently, it seems no amount of low supply is going to cause this card to hit $10 or beyond anytime soon

Teval exacts a toll for casting spells, making it so you lose life equal to its mana value, and thats for everything, not just spells you cast with a delve cost

You dont really want to answer Sheoldred, the Apocalypse with this, but against a big token or a Voltron commander, this is perfect