Red bubble algae usually means members of the genus Botryocladia, but normally they do not form the rather flattened thalli ('leaves') with dichotomous branches (splitting in two) shown in the photo, looking more like branched chains of little grapes.
However, I do think that this comes from within the same family of red algae as Botryocladia, the Rhodymeniales. The other main tropical genus is Rhodymenia, which does normally have quite broad, rather flattened, gelatinous thalli with dichotomous branching. It is not possible to be certain when the plant is this young, and identifying red algae reliably usually needs microscopy, but my feeling is that Rhodymenia is most likely.