Both are correct depending on the year of the vehicle.
In 1998 Rangers switched to a "returnless" fuel system, which runs at 65psi
Prior to that the fuel systems used a fuel pressure regulator(FPR) and return line, it ran at 35psi
Assuming you have the original 1999 engine and fuel system you should see 65psi at the rail.
On the back of one of the rails is a "Pulse Damper", it will have a vacuum line attached to it, check that vacuum line for fuel.
The vacuum line is a safety feature in case the rubber diaphragm leaks, fuel would be sucked into the intake instead of dripped on hot engine and exhaust, a bad thing, lol.
You could also have a stuck open injector, use a small hose as a stethoscope and listen to each injector with engine idling, should hear a steady tick, tick, tick from each.