I did it with 3 Godox (Cheetah) V860II speedlites controlled in M mode with an X1Tf on a Fujifilm GFX 50s.
I used the 120mm Macro lens. It took F32 to get even close to enough DoF for the splash. One speedlite on each side with colored gel at 1/64th power. They are about 3 inches from edge of receptacle. Third light is on a Buff mini boom on the background.
I did some earlier shots with 360II lights. The extra power meant I could keep them farther away. Downside, for now, is that the filter packs I have for speedlites don't work with the bare bulb.
If I were doing this for a client. I'd be tempted to use the 600 at 1/256 power to get the extra stopping power and better working conditions.
I plan to use my CL200s with fresnel heads. They will take the filters I have without a problem.
I haven't had so complete and interoperable a lighting kit since I started using electronic flash.
It turned out that the glitter paper background lit behind the water splash didn't look the way I wanted it. So I shot most of the splash tries with white background. Then composited the background, shot at F16, into the image in Photoshop.
That, for me, is the biggest benefit of digital for product photography. Ability to get the elements of the image perfect then combine them in post product. Saves enormous amounts of setup time.
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Photo from dmward's gallery.