Hey, a crazy idea came to mind. What if the persona is Jesus?

"Trapped in purgatory
A lifeless object, alive
Awaiting reprisal
Death will be their acquisition"

This is Jesus before Pilate (a lifeless object alive, a puppet). Jesus awaits for reprisal (Destroying the temple upon His death). The acquisition (The start of Christianity) is the result of His death.

"The sky is turning red
Return to power draws near
Fall into me, the skys crimson tears
Abolish the rules made of stone"

Jesus feels Himself bleeding at the cross, knowing He is about to die. Blood falls from His forehead (crimson tears falling) to His eyes (all he sees is a red sky). He knows His death will abolish the rules made of stone (Ten Commandments, the symbol of Judaism of the Old Testament).

"Pierced from below, souls of my treacherous past
Betrayed by many, now ornaments dripping above"

Jesus being pierced by the centurion's spear. The betrayal is by the Pharisees (from above) who are now ornamental (useless before Christianity).

"Awaiting the hour of reprisal
Your time slips away"

Jesus dies. It is the signal of the end of Judaism, as the temple shroud is torn in half.

"Raining blood
From a lacerated sky
Bleeding its horror
Creating my structure
Now I shall reign in blood!"

Jesus is raining blood (blood and water from His side). The rain is from the "sky", which is lacerated (again, His side, pierced from the spear). His death creates His new influential power structure (by all who witnessed His death). Jesus causes a new religion, which has a basis on self-sacrifice (signified by blood).