The most common and most likely answer to this crossword clue is the 8 letter word ORBITING
I've seen this crossword clue in The Guardian
O
R
B
I
T
I
N
G
Buddy explains!

The straight part
We know that "ringing" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ringing = orbiting.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ORBITING mean?
ORBITING verb- To circle or revolve around another object.
- To move around the general vicinity of something.
- To place an object into an orbit around a planet.