ya i heard something like that, also folklore means bad weather coming
The ring around the Moon is caused by the reflection of Moonlight (which of course is reflected sunlight) from ice crystals in the upper atmosphere. The shape of the ice crystals results in a focusing of the light into a ring. Since the ice crystals typically have the same shape, namely a hexagonal shape, the Moon ring is always the same size.
Edit: I see the ring now, i was expecting a smaller ring like i seen a few years ago, this one is HUGE and slightly harder to see