You can full throttle any engine to red line w/o problems unless it's a worn out, high mileage beasty that knocks (has serious internal issues like worn bearings). All Volvos (at least since the early 80s, maybe before?) have built in fuel shutoff (rev limiter) at redline so you can't rev your engine higher than that.
I wouldn't rev it to redline all the time as a habit on any car but it won't hurt on occasion. I'd also be sure that your oil levels full and not too dirty before driving it harder than usual.