Welcome to the forum

What size engine in your 2000 Ranger?
And 2WD or 4x4?

No not right, that would mean a solenoid is disconnected

Read the computer codes, P07XX are transmission codes see what comes up, WRITE DOWN any codes, "I think it was..........." is worse than not reading codes at all, lol.
Most auto parts stores will read them for free

Slipping automatic means you are heating up clutches and bands(brakes) so wearing them out faster, try to avoid the slipping as much as possible, i.e. take foot off the gas pedal or shift manually if there is less slipping

 

 

 

2000 3.0l should have a 4R44E automatic, 4-speed auto
2001 3.0l got the 5R44E, 5-speed auto, so later model 2000 could have either

On the back end of drivers door there will be a Label, has VIN and other info specific to this one Ranger.
At the bottom will be TRANS and a letter under it, "T" = 4R, "D" = 5R

Label seen here: Ford 7.5 & 8.8 Inch Axle Tag & Door Codes : The Ranger Station

You can also see what AXLE you have, 4x4 should be Limited Slip(L/S)

Picture here of the solenoid wiring harness inside the pan: https://www.ebay.com/itm/Ford-Ranger...-/272757115505

The larger connector is what sticks up thru the case and what truck harness plugs into
Any of those look like what was hanging loose?


And just a heads up on trans model numbers, 4R or 5R came in 44E or 55E, 44E was for 4cyl engine or 3.0l V6, 55E was only used with 4.0l V6, they are the same models and 55E is often used generically so 4R55E and 5R55E info still applies to 44E
If you see a "For Sale 3.0l 4R55E transmission", they mean 44E just didn't know the difference, lol

 

 

 

So what was that wire?

4R44E then
Really can't send you in any direction, OD on or off is just a solenoid, and computer only uses that solenoid IF you turn OD on and are above say 50MPH, so it shouldn't effect if other gears work.