This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F52E offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “crystal ball” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ball, crystal, fairy, fairytale, fantasy, fortune, future, magic, tale, tool.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Glyph for U+FE0EVariation Selector-15: 🔮︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A crystal ball is a crystal or glass ball commonly used in fortune-telling. It is generally associated with the performance of clairvoyance and scrying. Used since Antiquity, crystal balls have had a broad reputation with witchcraft, including modern times with charlatan acts and amusements at circus venues, festivals, etc. Other names for the thing include crystal sphere, orbuculum, scrying ball, shew/show(ing) stone, and more variants by dialect.