It should be noted that Tifa, Cid, Yuffie, Red XIII and Marlene have each been seen carrying a ribbon. Cloud, too, has been spotted with one tied around his left arm during what appears to be a flashback. Here, his arm is not covered by a sleeve, presumably before he contracted Geostigma, and he is seen fingering the ribbon in the rain. Whether the ribbons are simply a gesture of friendship or even a sign of mourning remains uncertain.
The scene then shifts to Cloud scaling up the side of a building with a sword in each hand while explosions go off. As the buildings collapse around him, he looks up and we see Sephiroth in all his former glory. The line, “I won’t remain just a memory.” is heard. From out of the debris, sword drawn, a familiar face is seen. None other than Sephiroth has returned.