Efficient point cloud compression is essential for applications like virtual and mixed reality, autonomous driving, and cultural heritage. This paper proposes a deep learning-based inter-frame encoding scheme for dynamic point cloud geometry compression. We propose a lossy geometry compression scheme that predicts the latent representation of the current frame using the previous frame by employing a novel feature space inter-prediction network. The proposed network utilizes sparse convolutions with hierarchical multiscale 3D feature learning to encode the current frame using the previous frame. The proposed method introduces a novel predictor network for motion compensation in the feature domain to map the latent representation of the previous frame to the coordinates of the current frame to predict the current frame's feature embedding. The framework transmits the residual of the predicted features and the actual features by compressing them using a learned probabilistic factorized entropy model. At the receiver, the decoder hierarchically reconstructs the current frame by progressively rescaling the feature embedding. The proposed framework is compared to the state-of-the-art Video-based Point Cloud Compression (V-PCC) and Geometry-based Point Cloud Compression (G-PCC) schemes standardized by the Moving Picture Experts Group (MPEG). The proposed method achieves more than 88% BD-Rate (Bjontegaard Delta Rate) reduction against G-PCCv20 Octree, more than 56% BD-Rate savings against G-PCCv20 Trisoup, more than 62% BD-Rate reduction against V-PCC intra-frame encoding mode, and more than 52% BD-Rate savings against V-PCC P-frame-based inter-frame encoding mode using HEVC. These significant performance gains are cross-checked and verified in the MPEG working group.