Large Language Models (LLMs) are increasingly deployed in scenarios demanding ultra-long context reasoning, such as agentic workflows and deep research understanding. However, long-context inference is constrained by the KV cache, a transient memory structure that grows linearly with sequence length and batch size, quickly dominating GPU memory usage. Existing memory reduction techniques, including eviction and quantization, often rely on static heuristics and suffer from degraded quality under tight budgets. In this paper, we propose ARKV, a lightweight and adaptive framework that dynamically allocates precision levels to cached tokens based on per-layer attention dynamics and token-level importance. During a short prefill phase, ARKV estimates the original quantization (OQ) ratio of each layer by computing statistical scores such as attention entropy, variance and kurtosis. During decoding, tokens are assigned to one of three states, Original (full precision), Quantization (low precision), or Eviction, according to a fast heavy-hitter scoring strategy. Our experiments on LLaMA3 and Qwen3 models across diverse long- and short-context tasks demonstrate that ARKV preserves ~97% of baseline accuracy on long-context benchmarks while reducing KV memory usage by 4x, with minimal throughput loss. On short-context tasks, ARKV matches full-precision baselines; on GSM8K math reasoning, it significantly outperforms uniform quantization. These results highlight the practical viability of ARKV for scalable LLM deployment, offering fine-grained, data-driven memory control without retraining or architectural modifications. The source code and artifacts can be found in: https://github.com/Large-scale-Sustainable-Computing-LSC/ARKV