Let's take a look to the signification, the sense of words:

Hood also means "cope" as a verb,
"chaperon, defend, control, preserve, protect, save"
and "cope" is also "fight".
The Red Hood (the girl) may symbolize the fact of "cope, fight the danger"
-- the red color symbolizes so many things.

Wolf in upside is "flow": "pour, spread, undulate"
or "flux" as a name.
Maybe the image of "let it go".
Or it could be the sign of Aquarius,
this being who gives water to those who thirst.
Thirst for knowledge... about themselves and the world.