You have to make a number of assumptions.
eg. The Earth is a perfect sphere with uniform density. (Only gravitational forces considered?)
1) If the mass of the Earth and the hoop are both uniformly distributed, and the hoop is placed dead centre so that the system is symmetrical, then there will indeed be no resultant force on the hoop. It would "float".
The centre of mass of the Earth and of the hoop will be at the same point.
2) Is the hoop at rest while the Earth spins under it?
If so, then why would it start to spin? To do this there would need to be a tangential force on the hoop. Where would this come from?