[AV8R]

You're probably right.

From the inception of the VC in 1856, VCs awarded to persons in the military service (i.e. army) were suspended from a ribbon of a single colour which is often described as crimson (but which in fact is typically a purplish-red colour, darker than that which one would normally describe as crimson).

From 1856 to 1918, VC awards to members of the naval service (including the Royal Marines) were suspended from a blue ribbon.

Accordingly, a military (as opposed to naval) recipient of the VC would be expected to have a VC with a red ribbon.

The only possible exception that occurs to me would be where a person won a VC as a member of the naval service, prior to 1918, and then later served in the military. This is an unlikely but not impossible scenario, especially given that there seemed to be some lateral movements between the Royal Marines and the Army up until at least the First World War.

Since 1918, all VCs - whether awarded to a person in the naval, military or air forces - are suspended from the red (traditionally Army) ribbon.