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Most good exterior paints should work. A primer and a couple of coats of paint should cover the red. The textured surface will make painting a little more work, but it should work. I would get paint at a Sherwin-Williams store and ask them for rollers or other tools that work well for textured stucco.
Of course -- primer first!
Tracee D suggested Dryvit, and perhaps they mean using their top coat over the wall. Dryvit, is a manufacture of stucco. In fact the oldest manufacture in the US of this product. but what you have is a traditional type stucco on this home and although they do sell traditional stucco systems
Had you a EIFS system such as manufactured by Dryvit or Sto, etc. (this is the one with the foam boards behind the stucco) You would need to use a special primer that does not seal the wall. The paints used on these types of wall systems must allow for moisture vapor to move through the finished surface. A regular house paint on such a system will cause moisture build up behind the lamina causing rot and decay of the wall system.
Looking closely at the wall system you have, it is also apparent that over the years repairs have been performed on it. You may be better off priming the red, then re-coating the entire wall with a new top coat of stucco. This will remove all the unevenness and seal off the red once and for all in the process.