Can rc4 encryption applied for color images?

The following code for rc4 encryption and decryption for grayscale images.Can this be also used for color images?

function EI = endecryptImage(I, key)

keylength = length(key);

[m p] = size(I);

S = 0:255;

j = 1;

for i = 1:256

      j = 1 + mod(j + S(i) + key(1 + mod(i, keylength)), 256);
      tmp = S(i);
      S(i) = S(j);
      S(j) = tmp; %swap(S(i), S(j))
  end
  i = 1;
  j = 1;
  n = numel(I);
   EI = zeros(1, n); % or EI = zeros(m, p), this enable us to avoid reshaping result
  for k = 1:n
      i = 1 + mod(i + 1, 256);
      j = 1 + mod(j + S(i), 256);
      tmp = S(i);
      S(i) = S(j);
      S(j) = tmp; %swap(S(i), S(j))
      Ks = 1 + mod(S(i) + S(j), 256);
      EI(k) = bitxor(S(Ks), I(k));
  end
  EI = reshape(EI, m, p);

[Shahryar Toughi]

It can be applied to bit planes of a color image. (it has several security hole)