The victory was no more than Wolves deserved as Mick McCarthy's side dominated affairs as they ground out a seventh win in their last nine games.
The margin of their victory could and should have been greater, but one goal always looked like it would be good enough against a Rangers side who rarely threatened as they slipped to a second defeat in seven games.
Roared on a by an expectant crowd, Wolves predictably dominated affairs in the opening stages but found a Rangers defence, in which Damion Stewart and Kasper Gorkss were outstanding, a tough nut to crack.
Dave Edwards and Matt Jarvis were denied by goalkeeper Radek Cerny in the opening 10 minutes before Jody Craddock volleyed over the bar when well placed.
Rangers struggled to carry much of a threat themselves before half-time but Heidar Helguson and Lee Cook should both have done better when they failed to capitalise on good work by winger Wayne Routledge.
That was a rare spell of menace from Rangers who were relieved to get to interval the on level terms with Edwards again being denied by Cerny, Ebanks-Blake firing just wide on the turn and Dave Jones seeing his 38th minute corner crash to safety off the bar.
But it seemed improbable that their resistance could last for ever and Rangers finally cracked just 60 seconds into the second half.
The goal was a disaster for the previously impressive Stewart who failed to deal with a routine through ball from Stephen Ward.
Stewart appeared to try and usher the ball out of play but was caught out by Andy Keogh.
He fed a pass into the path of Ebanks-Blake who had the simple task of side-footing the ball home from just six yards.
Having worked so hard to take the initiative, it was ironic that Wolves then appeared to switch and almost handed Rangers a route back into the game.
Ward was fortunate not to score an own goal when he deflected a Gavin Mahon header onto the bar in the 53rd minute.
Wolves were then grateful to Wayne Hennessey for maintaining their advantage.
He pulled off a smart 62nd minute save to deny Helguson and set-up a party for Wolves and their fans at full-time.