Melt the candy melts or chocolate chips in a microwave-safe bowl according to the package instructions. If using food coloring, drop in 1-2 drops then stir until smooth.
Once melted, dip each pretzel into the melted candy coating, making sure to coat it evenly. Lay 4 dipped pretzels on wax or parchment paper, gently touching each other. Add sprinkles on top while they’re still wet. Repeat the process with the remaining pretzels until they're all coated.
Let the pretzels cool and harden. You can speed up the process by placing them in the refrigerator or freezer for a few minutes. Once the pretzels are dry and the coating is hardened, you can serve them or store them in an airtight container at room temperature.