SOURCE

<div class="container"><div class="wave"></div></div>

 *{margin: 0px;padding: 0px;}
  .container {
    position: absolute;
    width: 200px;
    height: 200px;
    padding: 5px;
    border: 5px solid rgb(118, 218, 255);
    top: 50%;
    left: 50%;
    transform: translate(-50%, -50%);
    border-radius: 50%;
    overflow: hidden;
  }
  .wave {
    position: relative;
    width: 200px;
    height: 200px;
    background-color: rgb(118, 218, 255);
    border-radius: 50%;
  }
  .wave::before,
  .wave::after {
    content: "";
    position: absolute;
    width: 400px;
    height: 400px;
    top: 0;
    left: 50%;
    background-color: rgba(255, 255, 255, 0.4);
    border-radius: 45%;
    transform: translate(-50%, -80%) rotate(0);
    animation: rotate 6s linear infinite;
    z-index: 10;
  }

  .wave::after {
    border-radius: 47%;
    background-color: rgba(255, 255, 255, 0.9);
    transform: translate(-50%, -80%) rotate(0);
    animation: rotate 10s linear -5s infinite;
    z-index: 20;
  }

  @keyframes rotate {
    50% {
      transform: translate(-50%, -85%) rotate(180deg);
    }
    100% {
      transform: translate(-50%, -80%) rotate(360deg);
    }
  }