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One speculation - Gandalf, not an elf, wears one of the Three. He was born as pure spirit - his hroa is something assumed. The ring he wears clearly has no effect on his assumed hroa.
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In the letters it states that Gandalf would have been able to control the one Ring, so it is almost a fact that he wouldn't be affected by the "invisibility" of the One ring.
But I also believe that a Maia would not be affected by the invisibility of the Ring, because they too are ëalar like Sauron.