Yes, but it's possible that the piercing could have damaged or blocked some of the breast tissue that helps deliver milk to baby. Even if this is the case though, there should be enough healthy tissue still hanging around that you can avoid any super-serious breastfeeding problems.
If your piercing did any serious damage, your body is programmed to signal that specific part of the system to stop making milk. The healthy breast tissue that remains should keep functioning as usual. (You might experience a lump or swelling near the blocked part of your breasts in the first week or so that your body makes milk. This should go away on its own.) Luckily, moms are made to be able to feed multiples, so a little roadblock doesn't usually shut down the whole milk shop.
It's best to go ahead and remove the nipple ring now, to allow as much time as possible for the tissue to heal before baby's on board.