Prepare by finding a long rubber band and a ring. Use a old ring from around the house or purchase one from a thrift store or garage sale.
Put the ring on the rubber band, and grasp both ends of the rubber band with your fingertips. Leave some extra length of the rubber band in your hand. Hide the ring as it travels away from your hand, out of sight from the audience.
Get the audience's attention with a few magic words to distract them. Pull the rubber band to stretch it out, keeping it slightly elevated with the ring at the bottom of the elevation. Rotate the rubber band at the same time.
Let the extra rubber band in your bottom hand out slowly while pulling with the other hand to keep the rubber band tight. The ring appears to be moving on its own, but really it is just moving with the rubber band up to the higher hand.