If you think this is a good time to buy Monero cause of the dip, wait a bit..as of 20 February the token will be delisted on Binance.
So the reason for the dip is mainly because Binance announced the delisting of $XMR, but they're not the only one. Three other tokens, citing failure to meet their standards. This decision caused XMR to drop by 30%, reaching a 20-month low.
So why delist? Privacy coins like Monero are facing regulatory challenges, leading to delistings by various exchanges. Multichain also suffered a significant exploit earlier, while Aragon and Vai remained relatively unaffected. Withdrawals for these tokens will cease after May 20.
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