It wouldn't hurt to try repotting it... but first, you might try the technique called spagh 'n bag... obtain some good, dry spaghnum peat moss and place in a bag or wrap of burlap. Leave it alone for about trhee or four days, then barely spray the plant with a fine mist of water. If you're really serious, the water should be filtered and purified to assure no salts remain. At any rate, spray the plant only lightly for about a week and then repot in a clay pot still in the spaghnum. In about a month see how it's doing and if improved, replant in a good potting soil recommended for orchids...
Best of luck!