Take out the rock its on and throw it away if you are able to.
DO NOT POP THE BUBBLE ALGAE, it will spread like wildfire!
Use a scalpel and cut it out at the base without popping it and super glue over any left over algae.
Emerald crabs with the smaller pinchers like to eat it sometimes.
Whatever you do, do not pop the bubbles especially inside your tank!
Good luck and may the reefing gods be on your side lol