How to do the new PlayStore parallax effect

Does anyone know how can I achieve the new parallax scrolling effect - you can see the effect when you open an app on the PlayStore and try to scroll down, the content goes over the top image. How can I achieve that?

Google has recently announced Design support library and with this it has support for implementing Collapsing Toolbar.

In addition to pinning a view, you can use app:layout_collapseMode="parallax" (and optionally app:layout_collapseParallaxMultiplier="0.7" to set the parallax multiplier) to implement parallax scrolling (say of a sibling ImageView within the CollapsingToolbarLayout)

Example:

<android.support.design.widget.AppBarLayout
        android:layout_height="192dp"
        android:layout_width="match_parent">
    <android.support.design.widget.CollapsingToolbarLayout
            android:layout_width="match_parent"
            android:layout_height="match_parent"
            app:layout_scrollFlags="scroll|exitUntilCollapsed">
        <android.support.v7.widget.Toolbar
                android:layout_height="?attr/actionBarSize"
                android:layout_width="match_parent"
                app:layout_collapseMode="pin"/>
        </android.support.design.widget.CollapsingToolbarLayout>
</android.support.design.widget.AppBarLayout>

You could try this (FadingActionBar library): https://github.com/ManuelPeinado/FadingActionBar

Try an example of this library on android: https://play.google.com/store/apps/details?id=com.manuelpeinado.fadingactionbar.demo

EDIT: Rather than third party library use this AppBarLayout and CollapsingToolbarLayout http://android-developers.blogspot.in/2015/05/android-design-support-library.html