For any given object, it can orbit another body at really any distance. Closer orbit means a higher speed is necessary to not fall down. The ISS is very close to the Earth, so it orbits very quickly (every 90 minutes, it completes an orbit). If it were further away, it would have to move slower as to not fly away. This means that there is some sweet spot where the ISS would take exactly 24 hours to orbit the Earth. If placed in orbit at this distance and speed, the Earth would turn underneath it exactly as fast as it travelled. It would remain over the exact same longitude line forever.
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