Great question.
Ideally you would want to use the red band for compression with an ankle sprain. You’re trying to flush ‘out’ the joint.
The red band will do a much better job.
Point of warning though… the red band may hurt a bit on that sprained joint.

If you were using the band for compression of a sprained joint you want to wrap towards to heart. The concept being that you are pushing or ‘compressing’ the waste products in the sprained joint out and away from the joint capsule. For instance in the ankle start the wrap at the mid-foot and wrap towards the knee.

Best of luck!