How do I make a specific RGB color of a sprite invisible in real time?

I have a sprite who changes collor depending on some logic in game. I currently use the effect "Replace Color" to change color of the sprite in real time. But I want to be able also to set a specific RGB color of the sprite to be transparent(invisible, alpha channel...) depending on the game logic.

With replace color looks like I can't to something like that. Is there an alternative effect I can use to achieve my goal? I could use diferent sprite layers, but I'm looking for a more simple/elegant solution if possible.

You could try splitting the image into rgb channels and placing them like a mask using blend modes.

Additive I would guess.