I'll quote user @Susumu in another comment: "if you ever want to choose the first option. It would be spending 5 XP, an action and a card just for removing the restriction of X=3" when compared to Tempt Fate, which is a freaking biiiiiig ask. So that second option better be one hell of an effect.
And I mean, in some ways it is. It's probably the most action efficient horror healing card in the game. The closest example is probably Logical Reasoning, which heals up to 6, costs 2 and can only heal from investigators, but costs 1 xp less. I basically never upgrade to level 4 Logical Reasoning though; that much horror healing is pretty much overkill and xp is usually spend better elsewhere.
In conclusion, I don't think Rite of Equilibrium is worth it's xp cost at all, and is probably up there with worst level 5 cards. Tempt Fate is just so much better, even when not taking into account xp. But hey, at least it's not Flute of the Outer Gods.