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I've come to conclude that there are two "lines of influence" that the Rings of Power exert over their keepers. Only one has malevolent intent.
One of those lines is that which the Elven Rings exert, which is about the Elves being able to "exist in two worlds at once". Recall Glorfindel confronting the Nine here.
About Frodo, I suspect Gandalf was referring to the influence of the Ring and the Morgal Blade.
But Gandalf's comment about the transparent filled glass seems to imply that, although Frodo was made more transparent at the time at Elrond's, he was not necessarily referring to a wraith/evil outcome. It seems that there was the concurrent 'Elven'/non malevolence implied in Frodo's recovery.
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