The eight-year-old was sidelined for over a year after winning the 2015 Champion Bumper and while he impressed on his first two starts over hurdles in the autumn, his fragility was evidenced once more as he was not seen in action before last week's Cheltenham Festival.
Connections made the bold move to supplement him for the Champion Hurdle, but he was pulled up after making a costly error.
Pipe said: "Moon Racer was disappointing in the Champion Hurdle, losing his position with a bad mistake at the fourth-last.
"Tom Scudamore quite rightly looked after him from that point onwards and I am pleased to report that he is in good order - he could well go to Aintree next month."
Pipe did enjoy a Festival winner, with Un Temps Pour Tout landing the Ultima Handicap Chase for the second successive year.
The Pond House handler told www.davidpipe.com: "He clearly enjoys this time of year and appreciates the sounder surface and it is not beyond the realms of possibility that he could line up in the Gold Cup field next year, although in my opinion he appeals more as a Grand National type for the future.
"The way the race is framed these days means that the classier horses are given a real chance - in the meantime we have Vieux Lion Rouge to look forward to this year."