Device flashes blue, then white, turns off and starts this cycle again.

I just bought an old house and it came with two ring doorbell cameras. While one is working as expected, the other one is giving me some trouble. I was able to go through the setup process, and I can see the device in my phone app. The health status says it's all fine, good battery and wifi connection. But no events are raised from it, motion or doorbell. Furthermore, the lights keep flashing blue for a couple of seconds, then they start flashing white for some more time, then they finally turn off. After a while it starts flashing blue again and cycle keeps repeating forever. I tried resetting it multiple times through the orange button to no avail. Any ideas on what else should I try? Thanks in advance.