Caicedo was sent off in the first-half of Sunday night's clash after clattering Mikel Merino.
"He was really pumped up," said Carragher. "I think we saw that right from the start of the game. I think the whole talk this week of Rice vs Caicedo maybe got to him, understandably so.
"It's a huge game, and he ends up getting himself involved in a challenge. Yes, it's a red card, but it's just daft to get involved in a tackle like that. He doesn't need to.
"He's a brilliant player. He wins the ball back fantastically well, but I think he does have a tendency where he can look clumsy with some of the angles he can come in with, and I'm quite surprised that this is only his first red card.
"I remember a challenge in the Carabao Cup final against (Ryan) Gravenberch a couple of years ago as well. It's not because he's a nasty player but that was a case in point really, where he ends up facing his own goal to win a challenge, where basically he's got someone else coming behind him, and he just doesn't need to get involved.
"He's just got to be careful with that. He's a fantastic player, but he definitely needs to learn from that. I'm sure the manager will speak to him if he's come out and said it was a definite red card, and that's really good to hear."