Using a stand mixer or hand mixer, whip the heavy whipping cream until fluffy and whipped through (about 3 minutes). Once the cream is whipped, set it aside.
In a separate bowl, beat to combine cream cheese and vanilla. Add powdered sugar gradually, mixing until combined. Fold in whipped cream and sprinkles.
Serve immediately, with cookies, pretzels, fruit, etc… for dipping.
Notes
Store covered or in an airtight container in the refrigerator for up to 3 days.