Don't put a Git repo on Dropbox or Google Drive. It is terrible. Dropbox, on sync, can scramble all git's internal files and screw it up your whole repository.
Instead, use a Git service. For something private, I recommend BitBucket.
Exemplifying:
Imagine you put your main repository on Dropbox. You sync your dropbox in another computer and pushes to it. The connection drops from that computer. You go to other computer, make another commit and pushes into the main repository. Everything goes fine.
Dropbox starts to sync in this computer. At the same time, the other computer starts to sync, too. But internally, there are lots of different files on the repo. How Dropbox knows how to keep and organize these files?
Simple answer: it doesn't. It will damage your repository, and that's nothing you can do about it. And this is not some kind of "it will almost never happen". It will happen, very soon.
And about the real question:
I never used Xcode, but I had similar issues with Eclipse. It's simple, though: Xcode does not know about the repo because you did not tell him that is a repo. To see how to do that on Xcode, you could see here.