First, drain your ricotta cheese by placing it in cheesecloth and squeezing out any excess liquid or moisture. You can also pat it dry with a paper towel if needed.
In a large bowl, combine the drained ricotta, the cream cheese, heavy cream and vanilla and beat with an electric mixer on medium-low speed until just combined and creamy. Beat in the powdered sugar, about 1 cup at a time, until mixture is thickened. You may only need one cup of powdered sugar, but add more if necessary.
Place the bowl in the fridge to set and chill for about 30 minutes. Remove from the fridge once chilled and garnish with chocolate chips. *I recommend spooning the dip into a separate bowl and layering the chocolate chips and dip together, like so: 1/2 cup dip, then a sprinkling of chocolate chips, repeating until chocolate chips are finished. That way you get chocolate chips in every bite!
Serve with assorted dipping items like cookies, crackers, pretzels, or fruit. Store leftovers airtight in the fridge.