In a small mixing bowl, combine the mayonnaise and ketchup.
Gently blend until the mixture becomes smooth.
Add the horseradish, paprika, salt, and garlic powder.
Continue stirring to integrate these flavors.
Introduce the dried oregano, black pepper, and cayenne pepper.
Mix thoroughly until the dip is well-blended.
Cover the bowl tightly and refrigerate to let the flavors fuse together.
Allow at least two hours of chilling time.
Before serving, give the dip a quick stir and transfer to a serving dish.