In a large bowl, measure out the Rice Chex cereal and set aside.

In a microwave-safe bowl, combine the white chocolate chips and peanut butter. Microwave in 30-second intervals, stirring in between, until melted and smooth.

Pour the melted mixture over the Rice Chex cereal and gently stir until all the cereal is evenly coated.

In a separate bowl, combine the cocoa powder and powdered sugar. Add this mixture to the coated cereal and stir until well combined.

Spread the muddy buddies onto a large baking sheet lined with parchment paper to cool.

In two separate microwave-safe bowls, melt the red and blue candy melts in 30-second intervals, stirring until smooth.

Drizzle the melted red and blue candy over the muddy buddies, then sprinkle with red, white, and blue sprinkles.

Allow the muddy buddies to set for about 30 minutes at room temperature or until the candy coating hardens.

Once set, break into pieces and serve.