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It can be fished out of a spot, like Riverwood. You will catch fish 5-6+ pending if you are there at the hot times of 7-9 AM or PM. After the fish are gone, you can catch junk. The ring has a chance to drop anyway but your chances are better if the fish aren't jumping.
It's been with my current Altmer Mage, since we left Helgen. Altmer move faster than any other race and that ring makes him a speed demon.
EDIT:
Conjuration / Destruction mage of the wind.
Thralls and Walls. ...a nasty combo
If you drink a potion that fortifies illusion spells, then unequip and re-equip the ring, then you'll get the potion benefits stacked onto the ring permanently until you remove the ring again.
Using the enchant > alchemy > enchant > alchemy loop to brew fortify illusion potions with ridiculous percentages, you can make the ring basically go as fast as you want. I got it up to 600% movement speed just for the funsies.
Fortify Illusion is the culprit and not the Enchanting perk.