But looking through fairy tales I don't see any of these interpretations anywhere else. What one sees is that fairies and other magical are the ones who wear red caps and hoods.
In some parts of Europe the color red is also used to protect against fairies, so in order for a fairy to harm or kidnap someone they must then get them to take off anything red that they are wearing. Perhaps this is why the wold asks Little Red to take of her clothes in so many versions of the story.
This had led me to write my little red riding hood stories with Red Hood as a witch, a fairy doctor or a fairy herself.
As part of this I have made the wolf into a forest spirit.