"...the cap is a 21 PSI cap which doesn't seem like much pressure...."
I'll admit to being old school but 21 lbs seems a bit high. Best to use the correct Volvo label cap if that's not what is on there now. Maybe 21 psi is proper and I'm just out of it.
One thing you can do is clean everything up, let it all dry out, then run it and watch for leak(s). Might it be the radiator leaking and spraying back on the engine?
You can also pull all the spark plugs out, pressurize the coolant system for a while, peak into the cylinders and see if they're filling with water. Well, look for leaks ANYWHERE.
A compression test might not be a bad idea either, but if it's running OK you're liable to find the compression to be OK.
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