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Many other locales say the same:

According to your link: "Personal data relating to GDPR does not cover: ... Properly anonymized data ..."

So OP might could hash the ip address (something better than md5, ideally) and save that.

Hashing an IPv4 address doesn't particularly protect privacy, given the limited address space.

In order to be gdpr compliant you need to be able to argue that you anonymized the data.

Hashing, possibly with a secret salt, is sufficient.

I do not store it. I use it on the fly to identify the country and then discard it.

Sounds like you share it on the fly (with someone who might store it?) and then discard it. The sharing might be problematic.

What if I obscure the last 2 digits of the IP