This is the code to blink a LED.
When I debug it in KEIL, Port 0 keeps switching between 0xFF(255) and 0xFE(254)
1) Does this mean the equivalent of 1 is 0xFF?
2) Does 0xFF mean the port is currently HIGH?

#include <reg52.h>

sbit LED_pin = P0^0;

bit LED_state_G;

void LED_FLASH_Init(void);
void LED_FLASH_Change_State(void);
void DELAY_LOOP_Wait(int);

void main(void)
{
LED_FLASH_Init();
while(1)
{

LED_FLASH_Change_State();

DELAY_LOOP_Wait(1000);
}
}

void LED_FLASH_Init(void)
{
LED_state_G = 0;
}

void LED_FLASH_Change_State(void)
{

if (LED_state_G == 1)
{
LED_state_G = 0;
LED_pin = 0;
}
else
{
LED_state_G = 1;
LED_pin = 1;
}
}
void DELAY_LOOP_Wait(int DELAY)
{
unsigned int x, y;
for (x = 0; x <= DELAY; x++)
{
for (y = 0; y <= 120; y++);
}
}