Spoiler: Wild speculation
Show
Ravonna is yet another Loki variant.

Yes, I realize Ravonna is a pre-existing character with her own backstory. Then again, so is Sylvie.

From a show perspective it makes sense. If there are two Lokis trying to overthrow the TVA, why not three? Or more? Ravonna got there first. It would be fitting for a show based on Loki to feature them as the villain, and it would be one doozy of a red herring. It's why Ravonna is acting so deceptive throughout the show - she already knew the Timekeepers are fake because she overthrew them in the past.


I have precisely zero confidence in this theory being true, but I would love it if it is.