On the turn that you use this card for an XYZ summon "regardless of other xyz materials you use" you will not be able to activate rank-up magic for 1 turn only!!,you can activate it on next turn even if you still had the card as Xyz mat.
I tested it a bit here and there,seems like you can still summon and special summon other Xyz monsters this turn so it only! stops rank up magic from activating this turn even if you had other monsters which do not use it as material so it is a global effect kind of thing.
to sum it up,this card prevents rank-up magic from all cards "tested 2 cards to be fair" for 1 turn only then you will be able to do it after the turn passes.