https://www.d20srd.org/srd/magicItem...oldPieceValues
defines, under "Spell has XP cost" to "Add 5 gp per 1 XP per charge". Scrolls are a specific exception to this, but single-use, use-activated items are not. Admittedly, the Ring of Three Wishes does list crafting requirements in the way you describe, but the rules for creating items also specifically list that ring under the header saying it should add 5 gp per 1 XP per charge. So, in short, the rules seem to contradict themselves regarding the Ring of Three Wishes in particular, but the general rule still seems to be spell XP costs being converted into an item cost increase.
EDIT: Unless you're saying that the 1-to-5 conversion defined in the item creation rules only applies to the sale price, and XP costs are 1/25th the base price plus all of the spell XP cost? I can see how it looks that way...