A double braided hollow rope assembly and method for making same wherein the rope consists of an inner hollow braided rope core and an outer braided rope jacket. The braid on the side of the outer jacket is opened and through that opening, a loop of the inner rope is pulled. A retaining ring with barbs formed thereon to engage the braids of the outer jacket is placed on the end of the rope to be spliced or formed into a loop or eye. The braid on the side of the inner core which has been pulled through the opening in the outer jacket is opened. The end of the rope with a retaining ring around it is inserted into the opening in the side of the hollow core of the inner rope. The outer jacket is then worked backwards until it once more covers the inner loop with the end of the rope with the retaining ring now contained within the hollow longitudinal central opening of the inner core. As an alternative, the end of the outer jacket may be retracted to thereby expose a few inches of the inner core which is then cut off and discarded. The outer jacket is then replaced in its normal position and the barbed retaining ring is applied to the jacket near its end where the core is now absent, whereupon the splicing and replacement of the jacket over the loop of the core is accomplished.