Question

copper wire ring hanged vertically and a magnet is brought near it what would happen

Answer 1

es. There will be Eddy current damping forces between the ring and magnet proportional to the velocity of the magnet (but also depending in a complicated way on the geometry of the field around the magnet). So while the magnet is moving, the ring will be dragged in the same direction.

Answer 2

If the magnet and copper wire ring are in relative velocity then emf will be induced in the loop and so the current according to farday law of EMI