inet6num: 2407:7100::/32 netname: YUANJHEN-NET descr: Yuan-Jhen Info., Co., Ltd descr: 5F.-1, No.31, Sec. 1, Sichuan Rd. Banqiao Dist, descr: New Taipei City Taiwan 220 country: TW admin-c: YC2393-AP tech-c: YC2393-AP status: ALLOCATED PORTABLE mnt-by: MAINT-TW-TWNIC mnt-lower: MAINT-TW-TWNIC mnt-irt: IRT-TWNIC-AP last-modified: 2013-07-08T01:52:56Z source: APNIC
IP address ranges, or netblocks, are groups of related IP addresses. They are usually represented as a base IP address, followed by a slash, and then a netmask which represents how many IP addresses are contained within the netblock. This format is known as CIDR. You'll also sometimes see netblocks given as a start ip address, and an end ip address, or an ip address range.
Traffic works its way around the internet based on the routing table, which contains a list of networks and their associated netblocks.