This is a giant fist inspired in the ones at Super Mario Land 2: Six Golden Coins that moves up and down once a certain block is pressed. That block (trap.asm, included with this sprite) must be inserted a block inserter and sets up a freeRAM flag when the player is above it, efectively activating this sprite.
You will have to tell the sprite which free RAM is the block using. To do that, just write the RAM adress you are using as free RAM in the extension field of the insert sprite window in Lunar Magic using the two first extra bytes (for example, if you are going to use $58 as your free RAM, just write 0058). The sprite assumes that the RAM is in the $7E bank, so you will be restricted to that bank.
I added a PIXI version as GIEPY is currently incompatible with LM 3.01. In it I optimized your code, so you can take a look at it to see how to do it yourself.
This sprite is so neat, and I like how you handled the Free RAM thing using extra bytes. Something to add though it's that it's weird how the sprite makes no sound or quake when it hits the ground. That'd be cute.