Line a baking sheet with parchment paper.
In a medium mixing bowl, combine the peanut butter, softened butter, and vanilla extract. Mix until smooth and well-blended.
Gradually add the powdered sugar, stirring until a thick, dough-like consistency forms.
Fold in the crushed graham crackers until fully incorporated. The mixture should be thick enough to roll into balls. If it's too sticky, add a little more powdered sugar.
Scoop about 1 tablespoon of the peanut butter mixture and roll it into a small ball using your hands. Place each ball on the prepared baking sheet. Repeat with the remaining mixture.
Once all balls are formed, place the baking sheet in the freezer for about 20-30 minutes, or until the balls are firm.
In a microwave-safe bowl, combine the white chocolate chips and coconut oil (if using) to help smooth out the chocolate.
Microwave in 20-second intervals, stirring between each interval, until the chocolate is completely melted and smooth.
Remove the peanut butter balls from the freezer. Using a fork or dipping tool, dip each ball into the melted white chocolate, making sure it’s fully coated. Let any excess chocolate drip off, then place the coated ball back on the parchment-lined baking sheet.
While the white chocolate is still slightly tacky, dust some festive sprinkles on top.
