If its more like a "Raspberry" type rash...
I'd suggest that it's time to clean and condition your holster, The back of the holster probably needs it,and the rest of the material is not wicking away the moisture properly.
If your ankle skin is sensitive right now get some Gold Bond healing lotion and give your ankle a rest for a few days. Corn starch powder will also help before you wrap on your holster put some powder on your the area it rides on.
If that doesn't work then take it to a leather smith and have him line it with kip skin. (soft pliable leather.)
Back in my uniformed days. I had modified the back of my leather cuff case to secure my BUG (Colt Mustang) Carried well, concealed well, stayed put easy to draw
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