Divide popcorn evenly into 2 large bowls.

Combine sugar and water in a small saucepan over medium heat. Bring to a boil. Cook till a candy thermometer reaches 238 degrees F. Carefully pour about half of the sugar mixture into another heat safe bowl. Color this portion hot pink and the other half purple. Working quickly, pour the hot syrups over the 2 bowls of popcorn, (one pink and one purple). Toss to coat and then evenly sprinkle the powdered sugar over the popcorn. Continue to stir till the syrup sets and the popcorn kernels separate. Once cooled, combine the 2 colors back together in one large bowl. Add in sprinkles and toss to distribute.

*If only making one color, no need to divide popcorn and syrup into separate bowls.