The participle 'raging' can have all the meanings associated with the verb "to rage".
When applying it to colors:
raging red = a wild, intense, hot, passionate, or angry, red color
She was raging in red. = She was dressed in red and the impression was intense, wild, hot, passionate, etc.
"Raging in red" is sometimes used in the fashion industry to describe a "color".
The looks this week span the spectrum from peachy delight to electric blue to uptown prairie chic to master in stripes to raging in red.