PokéBase - Pokémon Q&A
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>The Sacred Ash (Japanese: せいなるはい Sacred Ash) is a healing item found in most games since Generation II. Unlike other items in general—which work on only one Pokémon—the Sacred Ash, when used, is used on multiple Pokémon at a time. It can only be used outside of battle. - Bulbapedia

It is basically a max revive for every Pokemon in your party. Also only Ho-oh holds this item when encountering it

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Does the one in ORAS hold one?
Yes it does
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