Note: I am busy trying get rid of a recent green hair algae outbreak, and one of the things I'm doing to reduce algae is having the lights on for shorter periods of time instead of on in the morning and only switching off at bedtime. Since the "reduced lighting time" this red bubble growth has grown bigger.
It looks nice, so if it's not harmful I'd prefer to leave it and encourage growth.
Thanks in advance! Excuse the photo quality though.