Your link actually refers to the PRTG Network Monitor. PRTG is a commercial product from Paessler AG, whereas The Multi Router Traffic Grapher MRTG is an open source project under GNU General Public License. Monitoring traffic based on IP address is possible with PRTG, but MRTG doesn't have network packet analyzing & sniffing. On the other hand, PRTG only works on Windows.
You could use PRTG for monitoring bandwidth via Packet Sniffing or xFlows. These monitors have filter rules for IP addresses and ports. While packet sniffing is the most flexible, it's also the heaviest.
Comparing the four bandwidth monitoring technologies that PRTG
provides (SNMP, Windows Management Instrumentation (WMI), xFlow, and
packet sniffing), packet sniffing creates the most CPU and network
load, so you should only use it in small to medium-sized networks, on
dedicated computers for larger networks, or for individual computers.
Other limitations on monitoring every IP's traffic might be:
You should be able to see all the traffic. For this, the PRTG machine should be either routing the traffic or connected to a monitoring port on your switch.
The PRTG pricing: it's only free up to 100 sensors.