If the air ring keeps deflating, you can locate the hole by rubbing the entire ring with soapy water solution. Use a wet cloth to apply the solution. Air seeping from the hole will produce bubbles. When you find bubbles, you've found the hole or holes.
Dry the areas where holes were detected. You can use patches (either ones that came with your pool or ones you purchase from another retailer) to fix the hole. The use of patches from other retailers will not void your warranty.