Palace managed to halt their two-game losing run by claiming a point in Suffolk as Ipswich twice came from behind to get a draw.
All six goals came in the first half, with the Eagles taking an early lead through Emmanuel Okorougo when he scored his first at under-18s level by rounding Nick Hayes in the Town goal, but Brett McGavin managed to restore parity for the Tractor Boys on 13 minutes when he smashed home a loose ball after a melee in the box.
The flurry of goals continued soon after though and hosts retook the lead four minutes later through Victor Fundi. Tyrick Mitchell received the ball on the left and and played a nice one-two with Joseph Hungbo before the full-back picked out Fundi, and the attacker shot on the turn and found the back of the net, and Fundi nearly grabbed a second but shaved the post after another good delivery by Mitchell.
It was 3-1 on the half hour mark via a strike from Emmanuel Yeboah after more good work from the pacy Hungbo, however Jack Lankester pulled one back soon after after when he nicked the ball off Eagles keeper Matthew Funnell before slotting into the empty net, and then before the break the striker doubled his tally as the Suffolk side won a penalty after a foul by Kyle Lynch and he sent Funnell the wrong way from the spot.
In the second half Palace had the lion's share of chances, with another free-flowing move between Hungbo and Fundi resulting in a chance for the former but it was blocked, and with both sides unable to find a fourth goal, it ended all square.