Jon Stead's fine strike handed Ipswich all three points at the Madejski Stadium as Reading's hopes of automatic promotion suffered yet another blow.
Reading had looked the more likely to score early on and came close when Dave Kitson's firm header grazed the bar.
However, Ipswich scored out of nothing after the break, Stead meeting David Norris's cross with a spectacular bicycle kick that flew into the corner.
Reading piled forward in response but created little and Ipswich held on.
Reading manager Steve Coppell: "It's painful. I feel for the fans and I feel for the players because they are trying.
"From February onwards we have been less than average at home. We have nine games to go, six are away and at this stage of the season it is harder for home teams.
"But that is no excuse. We know we are not performing to our potential at the moment. We are not playing well enough to win games."
Ipswich boss Jim Magilton: "We have now gone to Wolves and Reading and taken four points.
"I can't praise my players enough for their commitment, work ethic, attitude and application to their roles.
"I'm very proud of them. They have been absolutely fantastic. We've still got a chance of making the play-offs."
Reading : Hahnemann, Rosenior (Matejovsky 74), Pearce, Duberry, Armstrong, Little, Gunnarsson, Harper, Stephen Hunt (Kebe 64), Kitson, Long (Doyle 68).
Subs Not Used: Federici, Cisse.
Ipswich
: Richard Wright, David Wright, McAuley, Balkestein, Thatcher, Miller, Norris, Quinn (Garvan 80), Civelli, Lisbie (Counago 90), Stead (Giovani 71).
Subs Not Used: Supple, Campo.
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