Never try to update a rooted phone. I guess your figuring that out though.
The only update Virgin Mobile has come out with for the V was a so called security update that wiped root, the custom recovery, and the custom ROM. Everything went back to bone stock. Harder to root again as well.
Download the Cannibal Open Touch recovery (COT) in it's zipped version. Put on root of SD card.
Put the card back in phone and power on into recovery.
Flash zipped COT just like you would a ROM only don't wipe anything.
Go to advanced menu and select to reboot recovery. It will now reboot into the COT recovery. Find the "fix recovery loop" option. Select it.
Done. Now reflash ROM and Gapps after a full wipe of everything but the sd card, or restore backup.
All info can be found in the All Things Root Guide sticky.
