A very interesting generalization of the running vacuum energy density has been recently advanced [S. Basilakos, D. Polarski, and J. Sola, Phys. Rev. D 86, 043010 (2012)]. The Friedmann equation of this model looks pretty much similar to that of a homogeneous and isotropic universe filled with an holographic Ricci dark energy (HRDE) component. Despite the analogy between these two models, it turns out that one of them, generalization of the running vacuum energy, is singularity-free in the future while the other, HRDE, is not. Indeed, a universe filled with an HRDE component can hit, for example, a big rip singularity. We clarify this issue by solving analytically the Friedmann equation for both models and analyzing the role played by the local conservation of the energy density of the different components when filling the universe. In addition, not everything is bad news about the HRDE. In fact, we point out that in some particular cases the HRDE, when endowed with a negative cosmological constant and in the absence of an explicit dark matter component, can mimic dark matter and explain the late-time cosmic acceleration of the universe through an asymptotically de Sitter universe.