(Just looked back to the picture after I posted and looked closer, I see the red now, only had noticed the coralline at first - sorry, my comment is probably pretty useless now lol)
It's coralline algae. Perfectly fine. People even use products to try and grow this algae. It comes in on the back of a snail or live rock. It encrusts and outgrows nuisance algae which is why it's desirable. It's also a really pretty algae to have and comes in other colours too, so I've heard.