I've been working on the exact same animation. I've put it to the side for the time being, but got a pretty good effect at normal speed. When I slowed it down for debugging, I've got a strange bug that causes certain items to be animated multiple times. Also, scrolling up doesn't quite work if the animation hasn't completed, but that isn't a bug likely to be run into at normal speed.
Here's my code: https://github.com/halfjew22/AnimateRecyclerGrid
Essentially, what I did was I looked at the pattern in the Material Animation. Based off of that pattern, I put together a for loop that spawns a runnable that is given coordinates (based off the value in the for loop) and told to animate the view with those coordinates.
Like I said, I didn't quite finish the project, but it works fairly well as an alpha or proof of concept. I know it's been a while since you asked this question, but let me know if you'd like to work on finishing this up together.
Let me know if that helps you out.