It has a common chunking visual artifacts that lot's of triangular Translucent overlap once Ribbon's width is big and twisted heavily facing to Camera
It can be fixed by adding more sections on V direction of the ribbon sheet. The image below shows how multi sections can fix the issue presented in DCC
I did try a Tessellation material but it seems Niagara particle system doesn't support it
Setting width segments in the tessellation settings will now segment a ribbon across the V direction.
There's no existing public thread on this issue, so head over to AnswerHub just mention UE-121240 in the post.