I did not mean to freak you out, but I did. lol
As long as this stays confined to just one or two leaves, then I wouldn't worry.
When this hit mine, it either caused the entire cane shed leaves in a short time, or I would trim the affected leaves, but the ring would keep coming back, eventually leading me to trim all the leaves. lol
So either way, it was a losing battle for me and I dumped the plants. Mine were both phal type hybrids.
One is now replaced, which is dendrobium Sonia, and it is super healthy.
The other one was a unique art shade, but oh, well...
The good news is that there are always so many exciting dendrobium hybrids out there in the market for me to choose from.
Oh, ok, I just remembered that I do have one nobile hybrid, Country Girl, which had one or two leaves with this ring, which I stripped off the cane last spring.
I have never seen it since.
So there you go, some hope too, right?