Rank rising sharply? (5)

I believe the answer is:

sheer

I believe this is a double definition.

'rank' is the first definition.
(as in sheer hypocrisy, rank hypocrisy etc)

'rising sharply?' is the second definition.
(as in a sheer drop)

(Other definitions for sheer that I've seen before include "Deviate (from) - vertical" , "needing to change a course" , "Nothing other than" , "Transparently thin - very steep" , "Complete" .)

I've seen this clue in The Times.

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