To be safe, I'd stay off it for 24 hours atleast. If you can spare it, stop for a few days. If you really want that Xp still, bot fletching or cooking. From experience, I think getting reported increases your chances of getting banned. When you are reported, your account is flagged, then analysed. They can't back track your actions, so letting the account 'cool off' you won't get banned IMO.
So when Jagex investigates your account. First thing they look at "Shit, this guys got his private off, he must be legit. This is why he got reported". It doesn't work like that. If you get reported, your account most likely will be investigated. The reason why you'd have your private off would be so people don't PM you etc.