You could simulate this effect by drawing two texts side-by-side with alpha balancing (between 127 and 255) between the two elements.
Let's assume your text is moving from up to bottom, and the current vertical position is 10.28. You just have to draw one text at position 10 with an alpha near of 127 and the other text at position 11 with an alpha near of 255.
Here is a little (ugly :D) example :
private void doDraw(Canvas canvas) {
Paint paint = new Paint(Paint.ANTI_ALIAS_FLAG);
paint.setColor(Color.BLACK);
paint.setTextSize(20);
canvas.drawRect(0, 0, getWidth(), getHeight(), paint);
mY += 0.05f;
paint.setColor(Color.RED);
if (Math.floor(mY) == mY) {
canvas.drawText("test", mX, mY, paint);
} else {
float mY1 = (float) Math.floor(mY);
float mY2 = mY1 + 1;
float delta = mY - mY1;
paint.setAlpha((int) ((1 - delta) * 127) + 127);
canvas.drawText("test", mX, mY1, paint);
paint.setAlpha((int) ((delta) * 127) + 127);
canvas.drawText("test", mX, mY2, paint);
}
}