LOTR - Elrond's massive fail

Was the One Ring perhaps fated to end up ending? Maybe not in a specific way or by a specific person (allowing free will to have an effect on individuals), but definitely having a non everlasting existence? Perhaps somehow tied up with whatever will occur to Melkor? I’m thinking verses of the Song that seem out of place on their own, but fit in to the big picture in a way not evident (til done) to the singers.