The 'ring' is your hymen. Some time during your puberty the hymen will pull back, thicken and become elastic because of your feminine hormones. This can happen in the beginning of puberty, at the end or anywhere in between. Before that happens the hymen can be thin, veiny and tight and it can cover some part of the vaginal entrance.
Your hymen can tear from physical exercise like horse back riding, gymnastics, jumping, cycling, skiing, dancing, martial arts, water slides, water skiing or cheer leading. Your hymen will tear and wear away from masturbation, intercourse, tampon use and child birth. Some times a doctor might have to help it along by cutting it. This is a very small procedure that can be done with local anesthetic. This is however not normally needed.