Does Ring of Free Action give immunity to the Incapacitated Condition?

I am a DM who is planning to have the party finally face off against a criminal mastermind whose signature spell is Modify Memory. However, the party rogue is in posession of a Ring of Free Action. One of the effects of the Ring of Free Action is to make it impossible for magic to reduce your speed. The Modify Memory spell causes incapacitation in order to work, and one of the effects of incapacitation is the inability to move.

The question is, does the Ring of Free Action provide immunity to the Incapacitated condition if it was caused by magic?

Ring of Free Action: While you wear this ring, Difficult Terrain doesn’t cost you extra Movement. In addition, magic can neither reduce your speed nor cause you to be Paralyzed or Restrained.