It is grape caulerpa; Id definitely remove it from the coral ASAP. It will grow rapidly and the roots will attach (more) to your coral skeleton (?candycane??) and interfere with its growth (blocks light). I have a patch in my tank but I try to keep it confined to one area. It is a hardy macro algae and is generally good for the water, but can cause some problems (toxins, going 'sexual' etc). The problem you will have is removing it; the roots attach to a hard surface, you remove it, a small piece of root remains, it grows back.......)