The 21-year-old, who has made just one appearance for the Tractor Boys this season, has previously enjoyed a loan spell in the Westcountry at Torquay.
Last season he was borrowed by Swindon and helped Paolo Di Canio's men win promotion from League Two, scoring four times in 20 games.
"Ronan is going there and he's going to go and play some games," Town boss Mick McCarthy told his club's official website.
"John Sheridan is somebody I know personally and he plays the game in the right way. He likes to play football and I think Ronan will enjoy it."
Murray, an Ireland Under-21 international, has made 14 appearances for Ipswich with his sole goal coming against Argyle's Devon rivals Exeter in a Carling Cup tie.