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That is what roots look like when they emerge from a Phalaenopsis or Vanda. Your plant has an excellent chance of survival.
It may lose some of its lower leaves, because it doesn't have enough roots to absorb enough water to support all of them. When Phals lose leaves in this circumstance, the lowest leaves turn yellow, then fall off, one by one. Don't be alarmed if this happens, so long as roots are healthy and growing. Eventually the plant will have enough roots to support a full crown of leaves.
The higher you can keep the humidity around the plant, the lower will be the water loss from the leaves, and the fewer leaves will be in danger before the roots system regrows enough to supply enough water to the plant.
You can learn a lot in this thread:
The Phal abuse ends here.
And here is a good way to tell when to water a plant with roots throughout the pot:
Using skewers to determine when to water
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