Recently I came across this article on 80.lv. The article discusses a material that Florian Gelzenleuchter created to have water caustics inside of Unity.
I really liked what Florian was doing and wanted to make something similar that works in EEVEE. After some experimenting I have successfully created a water caustics material that works in EEVEE and is based on the position of the object using the material so you can animate an object going in and out of the water.
The material is provided on gumroad for you to learn from and use on a project. Recognition is not required but certainly appreciated. I hope this material helps.