Anybody know what this plug is? It’s kinda hanging from the rear of the transmission and I can’t find where it plugs into

 

How many wires and what colors are they?

Manual or automatic transmission?

 

If 4 wires then possibly for the downstream O2 sensor, that O2 sensor should be located on passenger side just after the Cat converter

The wires comes down the drivers side of transmission

Ford usually used a round connector for all O2's that looks like this: https://m.media-amazon.com/images/I/814doIuJvlL.jpg

 

Sorry for the late response but it’s definitely a o2 sensor. Would anyone know what this plug is? It’s tied into the same wire and goes right into the trans. (See pic)

 

That is the VSS(vehicle speed sensor), 2 wire
The white part inside it is where a speedometer cable would have gone

The VSS/speedo cable combo unit was used from 1986 thru 1997 on Rangers
But speedo cable was dropped in 1995 Rangers, 1994 was last year that Rangers had a speedo cable

In 1998 that VSS/speedo was also dropped, and rear axle ABS was used for speed via GEM Module