>>24652091
It is possible, but the ring is generally representative of something far bigger than a single ideology or object. It is more or less the physical embodiment of evil: powerful in the moment, corruptive, seductive, pleasurable but ultimately leaves you hollow; after a certain point you can no longer be said to be using it, but rather it uses you.
Many things in the early 20th century could have influenced it, including fascism, socialism, other ideologies of the time, the new weapons rolling out, etc.
What people don't seem to get about Tolkien is that yes, he infused his work with his experience, yes he hated allegory, but what he did was distill abstract essences (forms, one might say) from his influences and reconstruct a symbolic framework that carried the same essence.
The war of the rings bears a lot of resemblances to the world wars, for Tolkien's experience comes from that, but he generalizes it to be communicate universally what he took away from his experience.