A red ABS warning light has no different meaning from an orange or yellow warning light. 

The warninght light can turn on for a few reasons:
- One or more wheel speed sensors have failed
- One or more wheel speed sensors are covered with road grime
- One or more wheel speed sensors are unreachable (broken wire)
- A blown fuse for the system
- The ABS module is not working

When the brake fluid level is low, this will not throw an ABS warning light, but a brake warning light instead.

If the ABS warning light is on, the brake will continue to work normally, but the ABS may not be working, meaning the car might become unsteerable when braking hard or in slippery conditions. 

I recommend you check the fuse and inspect the wheel speed sensors. Check if the wires are all connected and not broken or and clean the sensors. If that didn't solve the problem, it will most likely have to do with the ABS module