The couple split after several rows and the Royal bridesmaid, 27, is reportedly being consoled by her sister, Kate.
A source said: “Pippa tried to get over the split by spending last weekend with Wills and Kate at Balmoral.
“She and Alex split briefly in the summer — but this time it’s over. They are barely speaking.”
During their separation in the summer, Pippa was spotted in Madrid with her ex-boyfriend and close friend, George Percy.
Things seemed to be going well until recently – the pair were seen passionately kissing outside a charity boxing function last month at 4.30am.
There were also reports three weeks ago that city banker Loudon was looking for an engagement ring.
Pippa and Loudon, 31, had a big argument at a friend’s wedding because he was jealous about her flirting with Prince Harry, said a source.
“But the truth is she and Harry are just mates.”
Other friends have said they split because Alex couldn’t cope with Pippa’s new status as a “sex symbol”.
But her friends say she isn’t in any hurry to meet anyone yet.
One said: “She’s always gone for sporty guys. Whoever is lucky enough to win her affections will have to be athletic.”