Crumble the cooled cake into fine crumbs in a large mixing bowl.
Gradually add vanilla frosting until the mixture holds together when pressed.
Roll into approximately 24 balls, about 1.5 inches wide.
Place on a parchment-lined baking sheet and refrigerate for 30 minutes.
Melt a small amount of candy coating. Dip the tip of each lollipop stick into the coating and insert halfway into a cake ball.
Chill until the sticks are securely attached, approximately 30 minutes.
Melt the remaining red and green candy melts separately until smooth.
Dip each cake pop into the melted coating, allowing excess to drip off.
Immediately decorate with Christmas sprinkles or edible holly decorations.
Place upright in a cake pop stand and allow the coating to set completely.