It should still be on DMM; the wiki doesn't say anything about the cap going away.
The water variant of Freya can raise it. She's the only example I know of off the top of my head, but I haven't looked through everybody yet.

Note that it's a soft cap, not a hard cap. So it doesn't flat out prevent damage going over a certain number. But any excessive damage over the cap gets reduced to 10%. So a 1.5 million individual burst indicates 1 million + 500k*10 = 6 million raw damage without any cap raising buffs. With +400k to cap from water Freya's skill (powered version; base is +250k), then 1.5 million damage would indicate 1.4 million + 100k*10 = 2.4 million raw damage.