SVG water fill animation

I am to get a wipe animation to look like water is filling up inside of a drop. It currently is a square with a wave animation over top of the drop logo. It does the wave animation correctly but I can't get it to stay inside the drop and also fill up.

I'm getting closer but I still need the actual logo to be inside the circle at least.

My progress:

<!DOCTYPE html>
<html lang="en">
<head>

    <meta charset="UTF-8" />
    <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1">
    <meta name="viewport" content="width=device-width, initial-scale=1.0">

    <title>SVG Line Animation Demo</title>

</head>
<body>
<style>

    .st0{fill:none;stroke:#000000;stroke-width:4;stroke-miterlimit:5;}
    .st1{fill:none;stroke:#000000;stroke-width:3;stroke-miterlimit:5;}

    #logo2 {
        width: 150px !important;
        height: 150px !important;
        position: relative;
        margin-top: -100px;
    }

    #banner {
        border-radius: 50%;
        width: 150px;
        height: 150px;
        background: #fff;
        overflow: hidden;
        backface-visibility: hidden;
        transform: translate3d(0, 0, 0);
        z-index: -1;
        margin-bottom: -50px;
    }

    #banner .fill {
        animation-name: fillAction;
        animation-iteration-count: 1;
        animation-timing-function: cubic-bezier(.2, .6, .8, .4);
        animation-duration: 4s;
        animation-fill-mode: forwards;
    }

    #banner #waveShape {
        animation-name: waveAction;
        animation-iteration-count: infinite;
        animation-timing-function: linear;
        animation-duration: 0.5s;
        width:300px;
        height: 150px;
        fill: #04ACFF;
    }

    @keyframes fillAction {
        0% {
            transform: translate(0, 150px);
        }
        100% {
            transform: translate(0, -5px);
        }
    }

    @keyframes waveAction {
        0% {
            transform: translate(-150px, 0);
        }
        100% {
            transform: translate(0, 0);
        }
    }

</style>

<div>
    <div id="banner">
        <div class="fill">

            <svg version="1.1" id="logo" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px"
     viewBox="0 0 136 195" style="enable-background:new 0 0 136 195;" xml:space="preserve">

                <path fill="#04ACFF" id="waveShape" d="M300,300V2.5c0,0-0.6-0.1-1.1-0.1c0,0-25.5-2.3-40.5-2.4c-15,0-40.6,2.4-40.6,2.4
    c-12.3,1.1-30.3,1.8-31.9,1.9c-2-0.1-19.7-0.8-32-1.9c0,0-25.8-2.3-40.8-2.4c-15,0-40.8,2.4-40.8,2.4c-12.3,1.1-30.4,1.8-32,1.9
    c-2-0.1-20-0.8-32.2-1.9c0,0-3.1-0.3-8.1-0.7V300H300z"/>
            </svg>
         </div>
    </div>        

    <svg version="1.1" id="logo2" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px"
     viewBox="0 0 136 195" style="enable-background:new 0 0 136 195;" xml:space="preserve">

        <path class="st0" d="M68.2,6.7c0,0-62.4,70.9-62.4,124.7c0,32.3,28,58.4,62.4,58.4s62.4-26.2,62.4-58.4
    C130.7,77.6,68.3,6.7,68.2,6.7z"/>
        <g><path class="st1" d="M61,77.5c0.8,0,1.5,0.7,1.5,1.5v20.6c2.7-3.6,7.6-5.7,13.1-5.7c12.2,0,19.4,6.9,19.4,18.7v37.2
        c0,0.8-0.7,1.5-1.5,1.5H75.6c-0.8,0-1.5-0.7-1.4-1.5v-32c0-4.1-1.8-6.4-5-6.4c-5.8,0-6.7,5.7-6.7,5.7v32.7c0,0.8-0.7,1.5-1.5,1.5
        H43.1c-0.8,0-1.5-0.7-1.5-1.5V79c0-0.8,0.7-1.5,1.5-1.5H61z"/></g>
    </svg>
</div>
</body>
</html>

The following modifies your code to:

remove the viewport (I just find it easier to use transform),
make a copy of both the drop and the "h" letter,
merge the copies into a single path,
place that merged path inside a <clipPath> element inside a <defs> element in the <svg> and give it an id ("drop")
place an enclosing <g> element around the <g class="fill"> group,
clip that enclosing <g> element using the "drop", and
scale and translate both the black-bordered drop-and-h as well as the clip path drop-and-h by the same amounts so that they are centered on the waveshape.

You can read about clipPath on MDN.

By the way, note that your wave shape animation may continue forever even if you can't see the waves sloshing around any more (though I didn't check this rigorously), which is probably not what you want.

<!DOCTYPE html>
<html lang="en">

<head>

  <meta charset="UTF-8" />
  <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1">
  <meta name="viewport" content="width=device-width, initial-scale=1.0">

  <title>SVG Line Animation Demo</title>

</head>

<body>
  <style>
    .st0 {
      fill: none;
      stroke: #000000;
      stroke-width: 4;
      stroke-miterlimit: 5;
    }
    .st1 {
      fill: none;
      stroke: #000000;
      stroke-width: 3;
      stroke-miterlimit: 5;
    }
    #logo2 {
      width: 150px !important;
      height: 150px !important;
      position: relative;
      margin-top: -100px;
    }
    #banner {
      border-radius: 50%;
      width: 150px;
      height: 150px;
      background: #fff;
      overflow: hidden;
      backface-visibility: hidden;
      transform: translate3d(0, 0, 0);
      z-index: -1;
      margin-bottom: -50px;
    }
    #banner .fill {
      animation-name: fillAction;
      animation-iteration-count: 1;
      animation-timing-function: cubic-bezier(.2, .6, .8, .4);
      animation-duration: 4s;
      animation-fill-mode: forwards;
    }
    #banner #waveShape {
      animation-name: waveAction;
      animation-iteration-count: infinite;
      animation-timing-function: linear;
      animation-duration: 0.5s;
      width: 300px;
      height: 150px;
      fill: #04ACFF;
    }
    @keyframes fillAction {
      0% {
        transform: translate(0, 150px);
      }
      100% {
        transform: translate(0, -5px);
      }
    }
    @keyframes waveAction {
      0% {
        transform: translate(-150px, 0);
      }
      100% {
        transform: translate(0, 0);
      }
    }
  </style>


  <div>
    <div id="banner">
      <div>
        <svg version="1.1" id="logo" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" xml:space="preserve">

          <defs>
            <clipPath id="drop">
              <path transform="scale(0.75), translate(32,0)" d="M68.2,6.7c0,0-62.4,70.9-62.4,124.7c0,32.3,28,58.4,62.4,58.4s62.4-26.2,62.4-58.4
    C130.7,77.6,68.3,6.7,68.2,6.7z M61,77.5c0.8,0,1.5,0.7,1.5,1.5v20.6c2.7-3.6,7.6-5.7,13.1-5.7c12.2,0,19.4,6.9,19.4,18.7v37.2
        c0,0.8-0.7,1.5-1.5,1.5H75.6c-0.8,0-1.5-0.7-1.4-1.5v-32c0-4.1-1.8-6.4-5-6.4c-5.8,0-6.7,5.7-6.7,5.7v32.7c0,0.8-0.7,1.5-1.5,1.5
        H43.1c-0.8,0-1.5-0.7-1.5-1.5V79c0-0.8,0.7-1.5,1.5-1.5H61z" />
            </clipPath>
          </defs>

          <g clip-path="url(#drop)">
            <g class="fill">
              <path fill="#04ACFF" id="waveShape" d="M300,300V2.5c0,0-0.6-0.1-1.1-0.1c0,0-25.5-2.3-40.5-2.4c-15,0-40.6,2.4-40.6,2.4
    c-12.3,1.1-30.3,1.8-31.9,1.9c-2-0.1-19.7-0.8-32-1.9c0,0-25.8-2.3-40.8-2.4c-15,0-40.8,2.4-40.8,2.4c-12.3,1.1-30.4,1.8-32,1.9
    c-2-0.1-20-0.8-32.2-1.9c0,0-3.1-0.3-8.1-0.7V300H300z" />
            </g>
          </g>
          <g transform="scale(0.75), translate(32,0)">
            <path class="st0" d="M68.2,6.7c0,0-62.4,70.9-62.4,124.7c0,32.3,28,58.4,62.4,58.4s62.4-26.2,62.4-58.4
    C130.7,77.6,68.3,6.7,68.2,6.7z" />
            <path class="st1" d="M61,77.5c0.8,0,1.5,0.7,1.5,1.5v20.6c2.7-3.6,7.6-5.7,13.1-5.7c12.2,0,19.4,6.9,19.4,18.7v37.2
        c0,0.8-0.7,1.5-1.5,1.5H75.6c-0.8,0-1.5-0.7-1.4-1.5v-32c0-4.1-1.8-6.4-5-6.4c-5.8,0-6.7,5.7-6.7,5.7v32.7c0,0.8-0.7,1.5-1.5,1.5
        H43.1c-0.8,0-1.5-0.7-1.5-1.5V79c0-0.8,0.7-1.5,1.5-1.5H61z" />
          </g>
        </svg>
      </div>
    </div>
  </div>
</body>

</html>