In a bowl, mix the shredded chicken with the hot sauce until well combined. Spread this mixture into the bottom of a 9x13-inch baking dish.
In a sauce pan over medium heat, blend together the cream cheese and ranch dressing until smooth and heated through.
Pour the cream cheese mixture over the chicken layer in the baking dish.
Top evenly with both Monterey Jack and cheddar cheeses.
Bake in the preheated oven for 20-25 minutes, or until the dip is hot and bubbly, and the cheese is melted.
Allow the dip to cool for about 5 minutes. Serve with your choice of dippers, such as celery sticks, carrot sticks, tortilla chips, or sliced baguette.