seepage ever so slight . its exposed probebly last many years it might grow a little wouldnt be too worried . the band isnt proper it should be a no hub coupling not much worry either
I did see a few small drops come down the pipe a few months ago, but has nor happened since. I am letting the bubble grow without touching it, don't want to aggravate the situation. Thank you, let's hope it goes as Jeff Young stated above.
I knew it was leaking, I dont think it needs imediate attention you could put a patch of rubber and a hoseclamp, your house your call . i wouldnt box it in with drywall though