Translation
This is the one who has come
Go to footnote numberby water and blood, JESUS CHRIST, not by water only, but by water and by blood. And the Spirit is the one who is testifying because the Spirit is the truth.
Paraphrase
He, THE SAVIOR and THE ANOINTED MESSIAH, is the one who has shown who He is by things that can be represented by water and things that can pertain to blood. Water does not stand alone as a representation of who He is for it is not enough by itself; we need the meaning of water and the meaning of blood. The Holy Spirit is the one who helps us understand the evidence pointing to who Jesus is and the Holy Spirit always tells the truth.
Footnotes
1
One of the possible meanings of “come” is “to show himself” to be something, i.e. “to demonstrate.” This verse if talking about witnesses that prove who Jesus is, thus they demonstrate or “show” who Jesus is.
WHAT’S UP WITH THE WATER AND THE BLOOD?
Ever since John wrote these words, there has been much debate about what was being referred to. It is obvious that he intended water and blood, or what they represent, to be witnesses and evidences that prove who Jesus is. Of this there can be no doubt. However, there is no agreement among scholars about what the water and blood were referring to, especially the water.
My opinion on the matter is that John was using a form of symbolism in that water, and even blood, represent more than just the meaning of each word. Instead of writing out a long list of things that prove who Jesus is, John chose two things by which all of them could be represented.
A Jew of John’s day would likely have thought of several possible meanings of water that could correctly fit this context and all of them seem to be intended by the author. In other words, instead of trying to decide on exactly which meaning is the right one, all we need to do is decide which set of meanings fit, and we can consider all of them to be the intent of the author. Various layers of meaning can include the virgin birth, the confirmation from God during the baptism of Jesus, the water and blood that flowed from Jesus’ side while on the cross, and possibly the sacraments of baptism (and the eucharist). Water can also represent cleansing. All of these point to who Jesus is.
The blood is the easier of the two to understand. The witness being referred to is most likely the shedding of Jesus’s blood and all that was accomplished thereby.