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By the looks of the small red "leaf" coming off the side, I'd say it is more likely a macro algae of some sort. Is it overtaking the frag? I would just take the frag out and scrub it off with a brush if you don't want it. If you do, you can just remove a big piece of it then scrub the rest off and just replace the frag.
I think you might have bryposis which is a type of macroalgae. I had it a while back. I stupidly threw out all my live sand and live rock an started over again because it got so bad. And it's already starting to come back. I'm treating the tank with magnesium cause I heard that should kill it. Good luck.
I think I have some of the same stuff. It doesn't seem to smother anything, and when I had a foxface, he seemed to like to munch on it. IF it's the same as I have, it will grow into a little hedge and stays short and close to the rock.