Difficult to see but is the black ring (with the lower lip) just below the dust cap, the compression ring? If it is then I think it may be upside down.
Sometimes that split/compression ring needs a little push but not much. The narrower end should slip in the inner face of the bearing.
This might help (2:30 onwards - replacing the forks)? View: https://www.youtube.com/watch?v=8X3LbcjsESw
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