Yes, but it's an eccentric orbit. Dr. von Braun, in his head, calculates the perigee at 50,000km and the apogee at 8,000,000km with a 38 hour period and a ~10 day decay span, assuming no thruster activity to try and stabilize things. Even with thrusters, it'll take a long time to get into a circular orbit.
With that orbit, the rings will be in range to transport for about 20% of the period, about 8 out of every 38 hours.