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That's exactly what the Sentinel app does: imports a read-only XPUB key in order to passively watch the balance of an offline wallet, be it paper wallet, trezor or ledger.
For use with Ledger Nano S ...
First you will need to import the paper wallet private key (the secret part) into a software wallet.
With MyCelium (Android/iOS):
Select the Accounts tab.
Tap the three dots menu and pick Cold ...
In Electrum:
Click File > New/Restore, enter a name and click Next.
Select Standard Wallet and then Next.
Select I already have a seed and then Next.
Enter the 12 words seed you got from blockchain....
You can use bitcoinj — a thoroughly tested Java library written by a google employee as a 20% project. It is used by some wallet apps, such as samurai wallet, bitcoin wallet, greenbits (mycelium plans ...
You can install Sentinel and scan the XPUB key from the ledger's chrome wallet.
Or, if you feel paranoid, or want to change something, build the app from source: https://github.com/Samourai-Wallet/...
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