Lay a sheet of parchment paper out on the counter.
Pop the popcorn. Either use an air popper to pop the popcorn kernels or pop two bags of microwave popcorn according to the directions on the package.
Spread the popcorn out on the parchment paper.
Put the red candy melts in a microwave-safe bowl. Use the 50% power or on the defrost setting on the microwave and microwave in 30 second increments, stirring between each one. You want the candy melts to be completely melted and smooth. Repeat for the blue and white candy melts.
Use a spoon, piping bag, or sandwich bag with the corner cut off to drizzle the red white and blue melted candy over the popcorn.
While the melted candy is still wet, sprinkle the popcorn with M&Ms and sprinkles.
Let the candy melts to harden at room temperature (15-20 minutes).
Once the melted candy has cooled and set, break the popcorn into clusters.
Notes
You can store leftover popcorn in an airtight container at room temperature for up to 4 days.