In the function which shows up the "Loading Icon", check if the page is valid:
function showLoadingIcon() {
if(Page_ClientValidate())
{
}
else
{
}
}
PS: Since you need to validate only the RequiredFieldValidators - use group name for all of them and validate the page as below:
if(Page_ClientValidate("GroupName")){
}
Read more on Page_ClientValidate() here:
http://weblogs.asp.net/pirabdulwakeel/archive/2010/09/02/java-script-page-validation-page-clientvalidate.aspx[
^]