Yeah, plant where it can get plenty of light and some water movement. It needs medium-high to high light and extra phosphate to get really bight red. After growing for a long time the bottom will get leggy and leaves sparse. Just cut of the lower, leggy part and replant the top and it will start over. A root tab under it helps but not mandatory. The leaves will form a little different from what you see now as it transitions to growing under water. A great accent plant for color by or in front of a group of green plants.
Good luck, OS.