Cap'n, I added your orchid's name to the title...might be helpful for more replies. I've never grown them, but a friend grows a ton of them for resale at a river market. He propagates and refreshes lanky ones just as Dimples and ES are describing.
I see more than one stem coming from the pot. Why not attempt propagating/refreshing one stem, and leave the other alone until you see success? That's the route I'd take.
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Caveat: Everything suggested is based on my environment and culture. Please adjust accordingly.
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