Eldernia Loryl stands in the Recondite Theshold outpost waiting for adventurers to listen to her story. The fastest way to get to her would be to take the Celestine Ward riftway (Kaon's Rush if you want to go cheap) and griffin your way one chunk south, into the Ruins of Vol Tuniel Chunk. If you do bother to listen to her story, she will tell you that her brother's ship was attacked just south of the outpost. It went up in flames and sank into the ocean. She needs some willing heroes to adventure out to the boat and search for her brother's body, as he had on him an important earring.
Accepting this quest, you will notice that you will now have a mark on your map of where the sunken ship is located, and it just so happens to be a little ways southwest, into the next chunk. Getting to the Ship you will notice that a pack of Fleshruin Scavengers have boarded the ship and have started... umm... "scavenging" around. You will find a burned body on the top of the ship on the stern side. Kill your way to the body and right click it to search. Searching the body, you will find The Forgotten Earring (yay!). Make your way back to Eldernia Loryl and show her your discovery!
Eldernia Loryl will be pleasantly surprised with the return of the Forgotten Earring. She will admit that she didn't fully trust you, and that she actually knows more about the earring than first let on.
Now the earring that you have does not have any stats, and you will have to find a way to get its power to its full potential. The first step is to cleanse the earring in a magical potion. Once this is done, it will recognize you as its guardian and allow itself to be worn. The items you will need can all be found in the swamp, in the Ruins of Vol Tuniel chunk. The list goes as followed: 4 Peat Mosquito Wing, 4 Creeping Quagmire Essence, and 4 Limnobian Frog Tongue.
All the items drop off of 3 different mobs. The Peat Mosquito Wing, will drop off of Pet Mosquitos. The Creeping Quagmire Essence will drop off of Creeping Quagmires, and the Limnobian Frog Tongue, will drop off of Limnobian Frogs. Each mobs is around lvl 27-30 2dot mobs, and can all be found roaming around the chunk randomly placed. The randomness of the mobs can make this part of the quest take longer than you would like, but never fear, at least I've already done it!
The next step is to attune the earring to the surrounding swamps. To do this you will need to go to three specific locations that will be marked on your map. You will have to pray at all three locations for 60 seconds without any interruption.
So make your way to the location she gives you and find a large pack of Weakened Fleshruin Runts running around. They are level 27 2dot mobs and luckily there are several camps of them in the surrounding area. You will need to kill 25 of them, and there are approximately 25 in the entire area, so if others are doing this part of the quest, you would be well advised to group up with them so you guys can share the quest updates.
You must fully become one with the earring, but in order to do so you have to seek out the Ancient One. Eldernia Loryl believes that she knows where the Ancient One resides, but you will need a special potion in order to speak to him. To make the potion, she will require a single Dryad leaf, which can be found off of Cypress Dryads.