Ring: circle in two dances (4-4)

I believe the answer is:

hula-hoop

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'ring' is the definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Perhaps there's an association between them I don't understand?

'circle in two dances' is the wordplay.
'two dances' means two replacements for 'dance'.
'circle' becomes 'O' (O is a circle).
'in' indicates putting letters inside.
'dance' becomes 'hula' (hula is a kind of dance).
'dance' becomes 'hop' (hop is a kind of dance).
'hula'+'hop'='hulahop'
'o' placed into 'hulahop' is 'HULA-HOOP'.

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I've seen this clue in The Guardian.

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