**Core Concept**
Compensated liver cirrhosis, a condition where liver function is preserved despite fibrosis and nodular regeneration, requires management of complications such as variceal bleeding. Varices are enlarged veins in the esophagus or stomach that can rupture, leading to bleeding. The goal is to prevent recurrence and control bleeding in these patients.

**Why the Correct Answer is Right**
Endoscopic sclerotherapy involves injecting a sclerosing agent into the varices to induce thrombosis and fibrosis, thereby obliterating the varices. This procedure is particularly effective in patients with esophageal varices and is often performed during an endoscopy to visualize the varices. It is a preferred treatment option because it is less invasive and has a lower risk of complications compared to other methods. The procedure is usually performed under local anesthesia and allows for direct visualization of the varices, enabling precise targeting of the sclerosing agent.

**Why Each Wrong Option is Incorrect**
**Option A:** Propranolol is a non-selective beta-blocker used to reduce portal pressure and prevent variceal bleeding. However, it is not the treatment of choice for a patient presenting with an active variceal bleed, as it may not effectively control bleeding and can worsen cardiac function.

**Option B:** Liver transplantation is a definitive treatment for liver cirrhosis but is not the first-line treatment for variceal bleeding. It is typically reserved for patients with advanced liver disease or those who have failed other treatments.

**Option C:** TIPS (Transjugular intrahepatic portosystemic shunt) is a procedure that creates a shunt between the hepatic vein and the portal vein to reduce portal pressure. While it can be effective in controlling bleeding, it is associated with complications such as hepatic encephalopathy and is generally reserved for patients who have failed endoscopic and pharmacologic treatments.

**Clinical Pearl / High-Yield Fact**
Endoscopic sclerotherapy is a highly effective treatment for variceal bleeding, with a success rate of up to 90% in controlling bleeding. It is essential to perform the procedure in a hospital setting with adequate monitoring and resuscitation facilities, as complications can arise.

**✓ Correct Answer: D. Endoscopic sclerotherapy**