The paper deals with the study of the dynamics of the oscillating moving ring load acting in the interior of the hollow circular cylinder surrounded by an elastic medium. The axisymmetric loading case is considered and the study is made by employing the exact equations and relations of linear elastodynamics. The focus is on the influence of the oscillation of the moving load and the problem parameters such as the cylinder's thickness/radius ratio on the critical velocities. At the same time, the dependence between the interface stresses and load moving velocity under various frequencies of this load, as well as the frequency response of the mentioned stresses under various load velocity are investigated. In particular, it is established that oscillation of the moving load can cause the values of the critical velocity to decrease significantly and at the same time the oscillation of the moving load can lead to parametric resonance. It is also established that the critical velocity decreases with decreasing of the cylinder's thickness/radius ratio.