I found an awesome SwiftUI implementation on SpringRings Ui which made me try out it with Jetpack compose Cavas API. Find the video on https://www.linkedin.com/posts/chathurajh_jetpackcompose-canvasapi-activity-7182898304748326914-liw4?utm_source=share&utm_medium=member_desktop

SpringRing.kt

package com.choota.dev.composetryout

import android.os.Bundle
import androidx.activity.ComponentActivity
import androidx.activity.compose.setContent
import androidx.compose.animation.core.Animatable
import androidx.compose.animation.core.Spring
import androidx.compose.animation.core.spring
import androidx.compose.foundation.Canvas
import androidx.compose.foundation.background
import androidx.compose.foundation.layout.Box
import androidx.compose.foundation.layout.fillMaxHeight
import androidx.compose.foundation.layout.fillMaxSize
import androidx.compose.foundation.layout.offset
import androidx.compose.foundation.layout.size
import androidx.compose.material3.MaterialTheme
import androidx.compose.material3.Surface
import androidx.compose.material3.Text
import androidx.compose.runtime.Composable
import androidx.compose.runtime.LaunchedEffect
import androidx.compose.runtime.getValue
import androidx.compose.runtime.mutableStateOf
import androidx.compose.runtime.remember
import androidx.compose.runtime.setValue
import androidx.compose.ui.Alignment
import androidx.compose.ui.Modifier
import androidx.compose.ui.graphics.Color
import androidx.compose.ui.graphics.drawscope.DrawScope
import androidx.compose.ui.graphics.drawscope.Stroke
import androidx.compose.ui.graphics.graphicsLayer
import androidx.compose.ui.tooling.preview.Preview
import androidx.compose.ui.unit.Dp
import androidx.compose.ui.unit.dp
import com.xero.interview.composetryout.ui.theme.ComposeTryOutTheme
import kotlinx.coroutines.delay
import kotlinx.coroutines.flow.Flow
import kotlinx.coroutines.flow.flow

class MainActivity : ComponentActivity() {
    override fun onCreate(savedInstanceState: Bundle?) {
        super.onCreate(savedInstanceState)
        setContent {
            ComposeTryOutTheme {
                Surface(
                    modifier = Modifier.fillMaxSize(),
                    color = MaterialTheme.colorScheme.background
                ) {
                    SpringRings()
                }
            }
        }
    }
}

@Preview
@Composable
fun SpringRings() {
    var moved by remember {
        mutableStateOf(false)
    }

    // to update move status periodically, we can have all in the effect block too
    // but this looks fancy :)
    LaunchedEffect(true) {
        infiniteLoopFlow.collect {
            moved = it % 2 == 0
        }
    }

    Box(
        modifier = Modifier.background(color = Color.Black).fillMaxSize(),
        contentAlignment = Alignment.Center
    ) {
        for (i in 0 until 12) {
            Ring(id = i, moved = moved, size = (16 + 22 * i).dp)
        }
    }
}

@Composable
fun Ring(
    id: Int = 0,
    moved: Boolean = false,
    size: Dp,
    strokeWidth: Float = 16f
) {
    // offset needs to animate make it go up and down
    val offset = remember {
        Animatable(-150f)
    }

    LaunchedEffect(moved) {
        delay((80 + 40 * id).toLong()) // dynamic delay based on id, having const 80 and adding dynamic multiplier making it more space with more delay
        offset.animateTo(
            targetValue = if(moved) 150f else -150f,
            animationSpec = spring(
                dampingRatio = Spring.DampingRatioHighBouncy - 0.002f * id, // having id here can have dynamic dampingRatio
                stiffness = Spring.StiffnessVeryLow + 15f  * id, // having id here can have dynamic stiffness
            )
        )
    }

    Canvas(modifier = Modifier
        .size(size)
        .offset(y = (offset.value).dp)
        .graphicsLayer { rotationX = 70f } // to rotate the x axis, by doing this we can see the circles taking oval shape, but they are actually having circle shape
    ) {
        drawRing(strokeWidth)
    }
}

// extension to draw an arc (this this it's circle from 0-360 degrees)
private fun DrawScope.drawRing(strokeWidth: Float) {
    drawArc(
        color = Color.White,
        startAngle = 0f,
        sweepAngle = 360f,
        useCenter = true,
        style = Stroke(strokeWidth)
    )
}


val infiniteLoopFlow: Flow<Int> = flow {
    var id = 0
    while (true) {
        emit(id)
        id++
        delay(3500L)
    }
}