Your ligaments and structures can be damages as well, most likely but not limited to calcaneofibular ligament (CFL), and the posterior talofibular ligament (PTFL).
Most structures damaged during an inversion ankle sprain are ligaments; therefore, they do not repair themselves. Rest is essential, however, therapy and rehabilitation must be included to strengthen surrounding structures since their ligaments are damaged and weak. There are different stages in the healing process so different exercises are used to progress through recovery. Initially, RICE rest, ice, compression, elevation are a must to calm the area down. Gentle stretching such as the towel calf stretch , circles, and ABC’s can be down here as well to work on range of motion. As rehab progresses, more exercises can be done. Proprioception balance , and strength are important after an ankle sprain to regain what was lost due to the injury. Your recovery following an ankle sprain can be anywhere from days to weeks or even months, depending on the severity of the sprain. Once an ankle is sprained it is more likely to happen again, therefore, it is important to continue strengthening exercises after returning to activity.
A brace or ankle taping can also be useful for support during sports and other physical activity during recovery and to prevent further injury. It is important to remember though that continuous wear of taping and bracing can weaken ankle muscles and structures so it is important to stay involved in a strengthening program. Bracing is better than taping, support wise, because after tape gets sweating and stretched out which generally takes about 20 minutes , the tape is not supportive like it is supposed to be.