Yes apply physics to the platform sprite.
You can set it so
every tick > apply impulse towards position (This will Keep the Platform in position)
Player Sprite on collision with Platform Sprite > Apply Force towards highest Y value (The Lowest point in the layout)
Make sure you set the world gravity for the platform object to 0 on start of layout. Also, when working with physics, make sure all animation frames have the same collision polygon. if the collisions are constantly changing it will go nuts.
You could create an effect similar just by moving the platform up and down on collision with player, but with physics it looks way better.