Traverse Through Space-separated String

So I ran ips=$(arp | awk '{print $1}') to save all the IP addresses retrieved from the arp command into a variable, ips. echo of ips gives me Address 192.168.10.100 192.168.10.101 192.168.10.1. I am assuming that Address 192.168.10.100 192.168.10.101 192.168.10.1 is saved as string in the ips variable. What I want is a way to loop through the variable ips and maybe save the one in a variable, ip, do something with it, and move to next one.