How about all of the above? The rule of thumb when treating a sprained ankle (or wrist or knee, for that matter) is to follow R-I-C-E.
R = Rest the ankle
I = Ice the ankle
C = Compress the ankle (using a bandage, tape or even a brace)
E = Elevate the ankle
For most sprains, that’s all that is needed, in addition to some rehabilitation exercises to strengthen up the ankles again.