1995 Ford Ranger ABS light is on

Hello, it is possibly bad. You should have the truck checked for codes it is posslble that sensor is bad. Let me know what you find pat

Yep, one of the wheel speed sensors is bad here is how to find out which one.

https://www.2carpros.com/articles/abs-wheel-speed-sensor-test

NOTE: Ford DOES NOT provide procedures other than those described to retrieve or clear trouble codes.

NOTE: Verify the ignition switch (11572) is in the RUN position (engine does not need to be running). Next, locate the black Rear Anti-lock Brake System II (RABS II) diagnostic connector. The diagnostic connector has two mating halves (one of which has a black/orange wire connected to it). Disconnect the two halves.

1. Attach one end of a jumper wire to the black with orange stripe wire side of the diagnostic connector.

CAUTION: Care must be taken to connect only the black/orange stripe wire to ground. Connecting the mating connector wire to ground will result in a blown fuse.

2. Momentarily ground the opposite end of the jumper wire by connecting it to a good chassis ground for 1-2 seconds.
3. Grounding this wire should start the RABS lamp flashing. If grounding this wire does not start the RABS lamp flashing, go to System Diagnosis Using Anti-Lock Warning Lamps Test D See: Antilock Brakes / Traction Control Systems > Pinpoint Tests > D
4. The code consists of a number of short flashes and ends with a long flash. Count the short flashes and include the following long flash in the count to obtain the code number.

EXAMPLE: Three short flashes followed by one long flash indicates diagnostic trouble Code 4. The code will continue to repeat itself until the key is turned OFF. It is recommended that the code be verified by reading it several times. This code will be used later for system repair instructions, it should be written down for future use. A diagnostic trouble code of 16 will be obtained when the module detects normal system operation.

REMOVAL
1. From under the vehicle, disconnect the speed sensor assembly two-pin connector from wiring harness.
2. Separate the speed sensor cable from brake hose clips.
3. Remove the speed sensor retaining bolt from front spindle and slide sensor out of mounting hole.

INSTALLATION
For installation, follow removal procedures in reverse order. Tighten retaining bolt to 8-10 Nm (68-92 in lb).

Check out the images (below). Please let us know what happens.