Xena must battle a monster of her own making to recover the destructive Rheingold ring she forged in her days as an evil warlord.

As Gabrielle, Beowulf and Brunnhilda follow Xena's trail, they come to a pool of blood on the ground. Gabrielle, Brinhilda and Beowulf go in search of Xena. Only Gabrielle refuses to believe that Xena must be dead. They search the forest. An arm reaches out and drags Gabrielle behind a tree.

It is Xena and she motions for Gabrielle to stay quiet. The monster, Grindl passes close by and then disappears. Once Grindl has gone, Gabrielle embraces Xena in a fierce hug. Xena has been quite badly injured but she is alive. By the time Beowulf and Brunnhilda arrive, the beast has doubled back, cutting off their path of retreat.

Xena takes in instant dislike to Brinhilda but says nothing. Leading the group to Grindl's lair, Xena devises a plan to lure the beast inside and destroy it. As they make their way into the abandoned mine, Xena declares that her companions deserve to know the truth about Grindl and flashes back to a time in her dark past more than three decades earlier...

Outfitted as a Valkyrie, an evil Xena forges the Rheingold ring after defeating the Rhein Maidens. According to the runes, the Rheingold will rob a mortal of what he or she values most if the mortal hasn't forsaken love. Just as Xena is about to put on the ring, a flying arrow snatches it from her grasp and sends it back to Grinhilda. Hoping she can defeat Xena before the destructive power of the ring kicks in, Grinhilda slips it on in a desperate attempt to keep its power from falling into Xena's hands. With a surge of extraordinary strength, Grinhilda raises her sword to kill Xena, but is quickly transformed into a horrid beast.

Xena takes advantage of the moment, severing two of Grinhilda's fingers and seizing the ring in the process. Instead of slaying Grinhilda, Xena allows her to escape and prepares a trap. Converting an abandoned mine into a cell, Xena captures Grinhilda and imprisons her using a lock and chain she stole from Odin. Although Grinhilda is able to snatch the ring back, it takes 35 years of incarceration for her to finally forsake love, allowing her to escape.

In Grindl's lair, Gabrielle Brinhilda and Beowulf set a trap for Grindl whilst Xena acts as bait. She plans to lure Grindl to where the other three are waiting on a ledge, ready to drop a huge rock on top of Grindl. However, although Grindl follows Xena as plans, she spots the three companions waiting on the ledge. Grindl destroys the ledge on which they are stood and collapses the cave so that Gabrielle, Brinhilda and Beowulf are trapped on one side and Xena is trapped on the other, along with Grindl.

Gabrielle and the others manage to clear some of the rocks and make their way through the gap to Xena, who is engaged in combat with Grindl. With the help of Gabrielle, Xena manages to trap Grindl, kill her and take back the ring. However, Xena has now discovered that Grindl is not Grinhilda. Xena removed the ring finger from Grinhilda but this creature has all its fingers. Xena then realises the dreadful truth: that Grinhilda must have been pregnant when she polymorphed into a monster and that Grindl must have been her child.

As the group moves on, they hear the moans of another creature in the distance. Deciding to return the ring to the Rhein Maidens, Xena sends Brunnhilda ahead to scout the area and then confides in Gabrielle that she doesn't trust her.

When Brunnhilda reaches the hilltop, Odin is waiting. He accuses her of abandoning her mission to recover the ring because she's fallen in love with Gabrielle. Brinhilda is revealed to be a Valkyrie, in the service of Odin and she is chastised for not bringing Gabrielle to Odin sooner. Brunhilda is a Valkyrie, a skilled warrior, and an admirer of Xena's - the Xena of old, that is: the slash and burn Destroyer of Nations Xena. Brunhilda plunges headlong into this hero's adventure as a co-conspirator with Xena's enemies. Despite her admiration for Xena, it is clear that Brunhilda will gladly betray her hero when it comes time to answer her own call to destiny. What Brunhilda cannot know is that call will take on a form she never imagined.

Waiting for Brunnhilda, Xena, Gabrielle and Beowulf are suddenly surrounded by Waltraute and two other Valkyrie. Their attempt to abduct Gabrielle fails when Brunnhilda flies in, grabs her and vanishes. Odin pulls Xena aside, urging her to trade Gabrielle for the ring. Xena, not realising Odin's ambition, assures him that she intends to return the ring to the Rhein Maidens. However, she soon discovers that Odin is after the ring for himself. He offers Xena a deal: Gabrielle in exchange for the ring. When she refuses, Odin tells her it was Grinhilda's son whom she killed, and vows that he, the Valkyrie and Grinhilda will form a deadly alliance.

Brinhilda and Gabrielle land in the forest, far away from the others. Gabrielle is angry at Brinhilda and demands that she be taken back to Xena. Brinhilda tries to talk to Gabrielle, saying that she loves her and wants to protect her. Gabrielle tells her she is sick and that she has no idea what love really is.

The Hero in Romantic Love Such is the stuff that makes up classic romantic tales. A stunningly beautiful, righteous woman steals the hearts of the noble knights. They fall all over themselves to, if not win her heart, then at least prove themselves worthy of her unrequited love by fighting and dying not only for her but for the causes she believes in. After test and trial, one true heart rises above all the rest. The maiden and the knight join in their sacred love forever after. Meanwhile, Odin visits Grinhilda in the caves and tells her that it was Xena who killed her son. Grinhilda indicates her willingness to join with Odin against Xena.

Odin then reappears in the forest and a fight ensues with Odin and his Valkyries battling against Xena and Beowulf. Beowulf is badly injured in the fight and Xena is trapped as Odin, the Valkyries and Grinhilda close in on her. In desperation, Xena puts on the ring. This gives her renewed strength and she is able to beat back her attackers. Odin calls a retreat and leaves Xena to her fate. In the heat of battle, caught between Grinhilda, Odin, and the Valkyries, Xena makes a fateful decision in the hopes of saving Gabrielle from Odin's wrath. She chooses to slip the ring onto her finger and momentary claim its godlike powers to defeat her enemies before the ring can destroy the things she values most in her life: her love for Gabrielle and the woman she herself has become.

Gabrielle pleads with Brinhilda to take her to Xena. In response, Brinhilda tells Gabrielle she will prove her love for her. She mounts her flying horse and returns to Xena. In classic fairy tale style, Gabrielle, a sweet young bard from Poteidaia, has everybody falling at her feet: Beowulf, Brunhilda, and Xena. If Grendel had not been on such a rampage, he would have loved her, too. She captures their hearts by being brave, true, gentle, persistent, deadly in battle and faithful in her love for Xena. True to her unassuming nature, Gabrielle is blissfully unaware of the two new hearts melting in her wake. Moreover, her handsome new suitors are made of some noble stuff.

However, when she gets there she finds a confused and disorientated Xena who seems to have lost her memory of who she is. Gently, Brinhilda persuades her to give up the ring.

The Hero's Transformation Through Sacrifice Xena knows the risks of her actions, but her determination to protect her true love is stronger than her willingness to protect herself. Nevertheless, her timing is off and she cannot remove the ring before its evil power takes its toll. In the transformation, Xena not only loses her love of Gabrielle and all of her memories, she loses her Self as well. Their shared love and its effects were the very things that held her heart and mind together. Brunnhilda finds Gabrielle and informs her of Xena's condition. Promising Gabrielle that she will be safe, Brunnhilda gives her the ring before engulfing herself in mystical flames, sacrificing her own life to become Gabrielle's spiritual protector. She tells her that only her true soulmate can pass through the flames and revive her. Gabrielle then lies down on a rock and falls into a deep sleep.

In the end, Brunhilda is just as noble as Beowulf, but she takes the scenic route to becoming a Knight of the Bard. She is a tad fanatical and selfish. Unlike Beowulf, Brunhilda has no problem muscling in between the two soulmates. Xena does an instant assessment of Gabrielle's female suitor and smells a rat. Interestingly, again Xena is less concerned that the rat is after her bard and more concerned that the rat is not who she claims to be. The last time a blonde warrior went after Xena's bard and hid her true purpose, Xena lost a good chewing tooth and many people had a very bad day. It would be wise not to push Xena's jealousy button. Ugly things could happen. Brunhilda's first meeting with Xena is a bit of a shock. This Xena is not the one that she has made a study of. Xena is a changed woman. She fights for the greater good now. Gabrielle has changed Xena's heart. Brunhilda is starting to see what a dynamic and stalwart love Gabrielle embodies. Not only is this young Greek incredibly beautiful, she is also mysteriously powerful. What kind of a love could change the Destroyer of Nations into a valiant champion for good? As Brunhilda's understanding of Xena changes, so does her appraisal of what she thought Gabrielle loved in Xena. She is surprised to find that Gabrielle's partner is not just a rough, cunning, bloodthirsty warlord. Brunhilda is going to have to change her tune if she wants a chance at the bard. At first she imagines she is going to win Gabrielle by fighting Xena to the death, like Gabrielle is going to be turned on by the prowess of a beautiful, leather clad warrior who can slice up the best rivals.

Well, OK. Gabrielle does have a thing for leather, muscle, and steel, but you start to lose her quickly when it comes to pointless fighting. This greater good stuff takes a bit to sink in, but once it does Brunhilda is a quick study. She tells Gabrielle that she is changed by her love for her. In addition, it is not just empty words. She knows that only strong magic can keep Gabrielle and the ring safe from Odin and the Valkyrie. She makes the ultimate sacrifice of herself with a clever spell. By becoming a surrounding wall of flame that only Gabrielle's soulmate can penetrate, Brunhilda not only protects the woman she loves but saves Gabrielle for her only True Love.

Mysteriously, Beowulf has survived his deadly wound. He goes in search of Xena and Gabrielle but only finds Xena's discarded weapons. Beowulf is the classic hardy warrior. Most likely, he has never laid eyes on someone quite like Gabrielle before. Female warriors certainly seem to be around the North countries, but this foreigner with the special spark intrigues him. He is stricken by her beauty after just a minute in her company. Then there is that ever-present specter of impending doom that makes the lovely bard especially attractive. Beowulf is strongly silent in his love. He catches on to what is between Xena and Gabrielle. Rather than disrupt that relationship, he becomes Gabrielle's valiant knight and Xena's comrade in arms. He wants to rid the countryside of Grendel and fights hard with Xena to that end. He shows what he is really made of when he starts to risk his life not only for Gabrielle but also for the woman that Gabrielle loves. When Xena understands that Beowulf is having feelings for her partner, she does not even broach the subject and shows not a hint of jealousy. She seems a bit surprised at first, but then it is as if such an attraction is perfectly acceptable. Beowulf's behavior has not changed for the worse. If anything, he will fight harder now spurred on by chaste romantic love. Xena knows that story well.

Back in the Eastwind Bog, Xena, with no memory of even her own identity, wanders through the forest, screaming out "Who am I?" The primary goal in this cycle of stories appears to be Xena again seeking atonement. As the tale progresses, a secondary goal for both Xena and Gabrielle emerges: the preservation of their loving bond. The two goals are thoroughly woven together as Xena is incapable of striving for redemption without the guiding love of Gabrielle. Intrepid, heroic, commanding, and clever, the best warrior on the planet is still seeking to believe herself worthy in Gabrielle's eyes. It has taken awhile but Xena is starting to see that she is deserving of Gabrielle's love and it is not just a passing phase on the bard's part. Xena always looks a little surprised when Gabrielle makes a heart-felt declaration of love to her. Maybe now she will give up that irritating habit of slipping away and realize that Gabrielle will follow her anywhere, at any time, for any reason. For her part, Xena's love for Gabrielle is forever engraved on her heart. She will do anything for Gabrielle. We see the final evidence of this truth when Xena sacrifices herself to keep the ring from Odin's hand thus protecting her partner from danger.