The shiny part of the water moves, but the waves on both sides don't. In this 1bit format it looks more like a road glitching out with grass on both sides of it, which is neat but not what you were going for. But hey, the rest looks pretty neat (I like the reflection of the buildings on the water in paritcular).
I think it's pretty much good... But I would suggest just to slow down the framerate drastically. So it would create smooth vibe, and feeling, and stuff... Just calm waves like in old NES games.
Y'know on second thought, it DOES look like a road. I'm not good with ripples in water and I'm still practicing. Thank you for the critigue.