Iphone is water damaged through my pocket?

It rained like crazy yesterday and i had my iphone in my pocket of my raincoat (it was buttoned shut) somehow it still go wet, but it wasn't even that wet when i took it out inside. It was off and the light was flashing. I couldnt do anything for 3 hours because i had class and the light finally stopped flashing and just stay on. My camera was collecting condensation from the inside so i guess it got pretty wet.
Has anyone recovered their phone after something like this? Once i got home i put it in rice ant its been 24 hours and it isn't turning on but the light still comes on. I'm keeping it in the rice for a bit longer with hopes it will work again.
I have another iphone, can i switch sim cards? Or can i not do that with iphones?

You can prob switch sim cards

Something similar to this happened to me.

My younger sister got angry at me and decided to leave my iphone in the toilet for about 15 mins and then gave it back to me later.

I took it to the apple store and they took it apart and everything. Told me there was nothing I can do except order another for $200.

Decided to sell it on ebay and thought it would be nice to charge the phone before I shipped it out. To my astonishment, the phone vibrated and now its charging.

Now, This phone litmus paper has turned red/pink and everything and its been about week since the accident took place.

My suggestion would be to leave it somewhere humid and hot (like my room in my case) then plug/charge it back on in about a week (but gave it some time for it to come back on when charging) and see if it works. It did for me!