Is it a brand new site? Most often new sites get a "honeymoon period" ie. your site shoots to the top when first indexed and then Google levels things out to where they figure your site should be.

Keep adding content and valuable backlinks and you will rise over time.

Over the past week Ive been hearing of a lot of people losing rankings it could be from the latest google update that happened just before the start of the month.

have you looked an linkerati?

maybe it is a google dance or maybe it is just bad linking strategy.

How long since it dropped? There are so many circumstances that we need to consider upon seeing a huge drop in our site. Sometimes it's just a normal tweak.

Check your website's link profile if it's unable to gain its ranking back.

What's the age of your website? If it's still new then it might be because of getting indexed first then you got a top rank then google will adjust it to where it should be. It might be a google dance too - if it is, then just wait. If your site is old aged, then might be penalized by penguin.