I was hoping to have something more substantial, however I think I've hit a wall at speculation.
Though, I'd like to show some comparisons that are interesting and a detail that may be significant.
Firstly, we have a missing a label. I believe the label might be EVA "x".
This might suggest "x" has more meaning than other common letters, and problematic clusters of letters such as the below are not meant to be read as a word.
For the second part of this post, I would like to show a 15c German work on St Catherine of Alexandria.
It is not always clear if works are of St Catherine of Alexandria or St Catherine of Siena, they share a name and story, in so much that they were wed to (the often infant) Jesus. St Catherine of Alexandria can be picked out by images of a broken wheel and sword, though they are not always used.
This image shows St Catherine of Alexandria on the left and St Catherine of Siena on the right. The extremely long hair and crown is a tell-tale sign of St Catherine of Alexandria, she is also depicted sometimes as being a rather large lady. St Catherine of Siena tends to be more petite, slender and hooded but this varies and it's not always clear who's who, and some images are labelled as "St Catherine" without specifying which one.. but you can usually make a decent guess with this knowledge.
This is the image (below) I'd like to point out some comparisons to. The Wiki description is "Scenes from the Life of Saint Catherine of Alexandria, Germany, c. 15th century, You are not allowed to view links.
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Login to view. -This three-part panel was originally part of a large altarpiece whose central image probably represented Saint Catherine with the wheel of her martyrdom. The left-hand panel depicts her vision of the Madonna and Child: the Christ Child did not find Catherine worthy because she wasn't baptised and refused to look at her. The middle scene illustrates her baptism. The right-hand panel presents her second vision of the Madonna and Child: as a baptised Christian she is now worthy in Christ's eyes and she is joined to him in a mystic marriage. The delicate figures reflect the continuing influence of the International Gothic style. Swabian painters of the following generation developed a more harshly realistic style."
While there are differences and nothing substantial to tie in St Catherine of Alexandria or other famous instances, I feel the theme is similar and comparisons of this can be made. The story is of washing away sin and devoting oneself to faith, becoming pure, etc. In this case by baptism and "mystical marriage" to Jesus.
The leftmost panel shows Catherine reaching out (spiritually - pleading/praying hands) to "Madonna and Child" and being ignored, this is shown by the lack of eye contact. I think the comparison speaks for itself.
The central panel shows the baptism. While the overall image is "in water", I think the right most image may show something similar. Maybe the green/blue is unclean/clean, but note the long "this is the important bit" finger, as is often seen in manuscripts.
The right most panel shows the handing of the ring / symbol of marriage. Note that in these two images and the one of both St Catherine show the ring being placed on the right hand.
While the eye contact in this image is unsure as the lady has been drawn with, what I'd call "happy eyes", the image to the right of this shows a considerable change in eye contact to that of the leftmost image, which is consistent with both the example and VM image.
A question I had, and others may, was "is it a ring?". Here is an image from "Der Ring", again German and 15c. (Note extended fingers also) (You are not allowed to view links.
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Some other details I considered were.
1. "Blue hair". Personally I think it's meant to be fabric over hair. It's up for interpretation.
2. "Pinecone shape". On top of the head of the lady with the ring is a "Pinecone shape". This might be meant to be an decorative item, a non-descript flower or top of a crown with a design. An interesting comparison could be made to a "nard" or "spikenard" which can be seen below in Pope Francis's crest and it is a symbol for Joseph (below) left is the star for Mary, top "IHS" for Jesus. However the nard for Joseph was a later association (around 1600).
The "nard" may be still significant to the overall "theme" however as famously it is known as the very expensive ointment Mary used to anoint the feet of Jesus using her long hair. It is also the symbol of Mary Magdalene. It is a symbol of devotion.
In the below image is a depiction of many virgin saints, full desc here - You are not allowed to view links.
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The image again shows St Catherine of Alexandria receiving the ring (note wheels on dress). Also in this image is Mary Magdalene, she is the one with the gold container of (nard) ointment, presumably to anoint the feet of Jesus. The other lady holding the hand of Jesus is Saint Barbara.
3. Is the left lady wearing a crown + halo (or such). Obviously it's impossible to say, but I think there's some stylistic similarities
4. St Catherine of Alexandria being depicted as a larger lady (note the neck area in VM).
While this is all interpretation and speculation, I thought the overall the theme of purifying waters and mystical marriage was at least interesting to consider.