Thanks for the dropbox file.
Here is an idea:
I have placed the new objects on an “orange” layer to see what was added quickly.
The core idea was to build upon your setup. The top should look like it sticks to something, while the lower part must follow the medal.
If I had to do it, based on your lead, I would use the dynamic, cache it, and then animate the middle spline manually to give it a more natural motion, just a thought.
Enjoy your weekend