The guy who termed RICE (Gabe Mirkin) later came out and said he made a mistake. Specifically with the "Ice" part (and partially with Rest). See: https://drmirkin.com/fitness/why-ice-delays-recovery.html
Also, elevation is useless and compression is potentially harmful as restricting blood circulation and compressing tissue limits healing.
IIRC the underlying assumption was that you should be reducing inflammation (RICE is almost all about reducing inflammation). Since then, we've learned that inflammation is a good thing, and helps things heal faster.