Welcome to the forum.
First there are TWO commonly confused sensors
Cam Shaft Position Sensor(CPS, CMP)
Crank Shaft Position Sensor(CKP)
Cam sensor on the 2.3l is no where near the Cam, just FYI.
It is reading the Oil Pump Gear, so next to it.
Diagrams of location in this thread: Camshaft position sensor location - Ford Ranger Forum
It should have a Dark Blue/orange stripe wire and a Gray/red stripe wire, maybe a Ground wire(Black) on a 1996 2.3l
Crank sensor is down by the crank shaft, front of engine, passenger side in '96 I think.
Crank sensor is the Big Kahuna of sensors, engine will not start/run without it working
Cam sensor helps fine tune fuel injectors and spark advance
And another heads up, the computer has no way to tell if a sensor is bad, codes just tell you if sensor is out of range, high or low, or if there is no signal, circuit malfunction.
So look at the connector after you find the sensor.
90% of DIY replaced sensors were working just fine, just the act of unplugging the old sensor and plugging in the new one cleaned off the connector enough for it to work again.
Not saying sensors never fail, they do, just not as often as they are replaced, lol.