A refrained version of what could also be a burst of colour.
But I had that going on elsewhere.
If you don't have a collection of empty ribbon spools at hand like me, try it out with a thick poster-roll, which you can cut/seesaw into rings of different heights. I used 2mm felt to wrap the rings as that nicely rounds off the edges, but is still flexible and elastic enough to deal with the circular shape. The felt is then handstitched together inside the ring.