Droid Turbo 2 - Red LED bottom left corner

So I accidentally dropped my Droid Turbo 2 into the toilet, and didn't notice for some length of time. After fishing it out there is a red led light next to the bottom left speaker port that is on that I have never noticed before. The phone will not power on, and after checking the water damage indicator in the SIM card slot, it does not indicate water damage. 10 minutes ago the phone started sounding the alarm clock from my alarm. Since then it has started making random alert notifications. Is there any chance my phone will dry out and be right as rain, or am I screwed?