Hello,
The first possibility is of a blood blister and the second possibility is of pyogenic granuloma. Blood blister is a type of blister that forms when subdermal tissues and blood vessels are damaged without piercing the skin.It is commonly found on hands. Elevate the hand, give rest to the part, apply cold compresses,soak the blister in Epsom sale and keep the hand bandaged so as to avoid its rupture. If the blister breaks, quickly rinse the area and apply an antiseptic such as neosporin. It is not recommended to break a blister because it may often lead to infection.
If the symptoms worsen or persist then please consult a dermatologist. It is very difficult to precisely confirm a diagnosis without examination and investigations and the answer is based on the medical information provided. For exact diagnosis, you are requested to consult your doctor. I sincerely hope that helps. Take care and please do keep me posted on how you are doing.
Today I poked it with a needle to see what was in it. It is very mushy and does not hurt when poked. It does hurt pretty bad at the base of the growth where it is connected to my skin but nowhere else. Do you guys think it would be okay to just try and rip it off and see what happens? I am planning on going to the dermatologist next week for an appointment but until then, does anyone have any experience with something similar?