Is my phone safe from water damage?

Two days ago I dropped my iphone in some water. I quickly took it out, switched it off and then dried it. Then I put it in a bag of rice for 2 days. I turned my phone on today and everything seems fine: the sound works, it isn't slow and the screen is ok but do you think there's still a chance, if there's still a bit of water in there, for there to be a short circuit?

Yes

Yes

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