Welcome to the forum
have a look here, at picture in post #4: Lower Radiator Hose
Is that the location of the leak?
Yes, both of those fittings are known to rust thru, if coolant isn't changed every two years.
Not easy to fix since you need to disassemble brackets to get to it and then unscrew it and screw in the replacement.
Google: 1994 ford ranger 3.0l cooling system elbow