Hi Karl,
looks healthy but this is a sloooow grower. Hope you have prepared yourself for that. Once it is bigger it can grow quite fast but yours is still considered small and will take a while to mature.
Have you checked what is in the pot yet? It could very well be the plant only has that one root. This is not a problem as such but Rhynchostylis like to drink a lot and the way your plant is potted at the moment it can't unless you spray that root 4 times a day which is unrealistic.
You can do two things. Either unpot it completely and place it bareroot in a vase which you will have to spray daily or leave it potted (after inspecting all roots) and pot up the overhanging root. So the plant would be potted in two pots. When it comes to growing orchids it can get as creative as you want. Might not look the best, my preferred method is the vase but it requires more watering. You do want to keep that root well hydrated at all times. It is a warm grower so as long as it is grown warm you need to keep the root hydrated quite a bit.
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