The most common and most likely answer to this crossword clue is the 9 letter word SOVEREIGN
I've seen this crossword clue in Financial Times
S
O
V
E
R
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G
N
More clues leading to the result SOVEREIGN
- King possibly finished with throne at last: warning about that
- Queen, perhaps, given rose, moved
- Left review that is good to fill jacket for Stephen King?
- Significant event involving forgotten English monarch
- Test, part English, in device of ruler
- Head of state thus veering off
- Symbol featuring on top of English coin
- Coin, surplus say, including one put in tin
- Queen maybe finished with energy in evidence
- One rules, i.e. governs somehow
Buddy explains!

The straight part
We know that "ruler" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ruler = sovereign.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SOVEREIGN mean?
SOVEREIGN noun- A monarch; the ruler of a country.
- One who is not a subject to a ruler or nation.
- A gold coin of the United Kingdom, with a nominal value of one pound sterling but in practice used as a bullion coin.
- A very large champagne bottle with the capacity of about 25 liters, equivalent to 33⅓ standard bottles.
- Any butterfly of the tribe Nymphalini, or genus Basilarchia, as the ursula and the viceroy.
- A large, garish ring; a sovereign ring.
- To rule over as a sovereign.
- Exercising power of rule.
- Exceptional in quality.
- Extremely potent or effective (of a medicine, remedy etc.).
- Having supreme, ultimate power.
- Princely; royal.
- Predominant; greatest; utmost; paramount.