looking much better, I would still make the ripples closer to the ambience of the main water layer though and use the blurred edges effect. One other point, how deep is the u/w explosion, if very deep (i.e. depth charge)the spray will be concentrated more vertically than you have shown, if near the surface (i.e. shell splash) it will be more radial/spherical. This difference is due to what is driving the gas bubbles, explosive pressure (radial)or buoyancy (vertical) by the time they reach the surface. Again getting there very nicely.

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