Full back Matt Doherty headed the winner after 15 minutes and Wolves created several good chances to extend their lead.
Diogo Jota forced two good saves from Ipswich goalkeeper Bartosz Bialkowski and the hosts rarely threatened to get an equaliser as they slipped eight points adrift of a playoff spot in 12th place.
Wolves lost 2-0 at home to Nottingham Forest last time out to end a 13-match unbeaten league run but they are in a strong position to return to the Premier League after a six-year absence.
Bristol City overcame the first-half sending-off of defender Nathan Baker to beat Queens Park Rangers 2-0 and climb to fourth in the table while Fulham won 3-1 at Barnsley to move up to sixth.
(Reporting by Ed Osmond; Editing by Christian Radnedge)
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