It’s a styled shockwave effect that can be either a frame by frame animation with a glow or shine effect by Red Giant on top during compositing.
This can be accomplished by layering animated shape objects and then applying the glow or shine effect by Red Giant as a finishing touch. However, the shine plugin, which provides the ray effect, is preferable.
To create the ring wave, animate a circle with an appropriate border width and then add a wave effect on top to achieve the wavy appearance.
Here’s a sneak peek at something I threw together in a hurry. I hope this was helpful!