In a large mixing bowl or food processor, beat the softened cream cheese until smooth, about 30 seconds.
Add the ricotta or mascarpone and mix until fully combined and smooth.
Add the sifted powdered sugar and beat for about 1 minute until incorporated and creamy.
Add the vanilla extract and instant coffee granules, then mix until evenly distributed; taste and adjust sweetness or coffee flavor if desired.
Spoon the dip into a serving bowl and sprinkle the top with unsweetened cocoa powder.
Serve immediately with vanilla wafers for dipping.
Refrigerate leftovers in a covered container for up to 2 days.