Hi Michelle,
What you have is a keiki (A baby plant produced asexually by an orchid.) After the roots develop a bit, you can then separate it from the 'mother' plant and you will have an exact replica of your original plant.
Once the keiki is removed, you should cut the old spike down to about one inch above the mother plant. This should then dry out and let your plant put some energy back into growing a new leaf or two.
Cheers,
BD![]()