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Gripisspa, a prophetic outline of Sigurd's life, introduces the Volsung poems, as Völuspa does the Asgard cycle. Riddle-poems. So many of the mythological poems are in this form that they suggest the question, did the asking of riddles form any part of Scandinavian ritual? The Aesir.

Gripisspa is followed by a compilation from two or more poems in different metres, generally divided into three parts in the editions: Reginsmal gives the early history of the treasure and the dragon, and Sigurd's battle with Hunding's sons; Fafnismal, the slaying of the dragon and the advice of the talking birds; Sigrdrifumal, the awakening of the Valkyrie.

As divided in most editions the poems connected with the Volsung cycle, including the two on Ermanric, are fifteen in number: Gripisspa. Reginsmal, Fafnismal, Sigrdrifumal, a continued narrative compiled from different sources. Sigurd Fragment, on the death of Sigurd. First Gudrun Lay, on Gudrun's mourning, late. Brynhild's Hellride, a continuation of the preceding.

According to Snorri's paraphrase, Sigurd gives the ring to Brynhild when he goes to her in Gunnar's form. For the rest of the story we must depend chiefly on Gripisspa and Völsunga. The latter tells that Grimhild, the mother of the Giukings, gave Sigurd a magic drink by which he forgot Brynhild and fell in love with Giuki's daughter.

On the other hand, the poet gives no indication that Brynhild and the sleeping Valkyrie are the same, which is a sign of confusion. Like all poems in this form, Gripisspa is a late composition embodying earlier tradition. The other poems are mostly episodical, though arranged so as to form a continued narrative.

This part of the story is summarised in Gripisspa, except that the writer seems unaware that the Wishmaiden who teaches Sigurd "every mystery that men would know" and the princess he betrays are the same: "A king's daughter bright in mail sleeps on the fell; thou shalt hew with thy sharp sword, and cut the mail with Fafni's slayer.... She will teach thee every mystery that men would know, and to speak in every man's tongue.... Thou shalt visit Heimi's dwelling and be the great king's joyous guest.... There is a maid fair to see at Heimi's; men call her Brynhild, Budli's daughter, but the great king Heimi fosters the proud maid.... Heimi's fair foster-daughter will rob thee of all joy; thou shalt sleep no sleep, and judge no cause, and care for no man unless thou see the maiden. ... Ye shall swear all binding oaths but keep few when thou hast been one night Giuki's guest, thou shalt not remember Heimi's brave foster-daughter.... Thou shalt suffer treachery from another and pay the price of Grimhild's plots.