I have a Bianchi Reparto Corse frame that's labeled as a 49cm. I'm 5'4", with long arms and longer legs (about a 32-33" inseam). I have plenty of standover on mine and the reach is comfortable. If the Volpe's geometry is anything like mine, it will have a steep seat tube angle and a fairly short head tube, both of which lengthen the effective reach.

Hope this helps!