Yes, there can be. In certain styles, (mine for example, Shorin-Ryu) red is typically used to signify 9th and 10th Degree, or 10th Dan. Technically, there should only be ONE 10th Dan in any style, and that is the founder, or the person who has taken over after the founder has died.
In most of the Okinawan arts, there is a belt in between black and red. It is a white and red belt worn by 7th and 8th Dan karateka. Ninth Dan wears a red belt as well. We are fortunate to train with a 10th Dan from Okinawa that has been teaching in the US for over 35 years. The head of the style in Okinawa awarded it to him 9 years ago.
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