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That is part of a broken Flex hose
There is a steel brake line that runs from Master cylinder, down the drivers side frame rail
Each rear wheel has a steel brake line that runs to a splitter on the top of the rear axle's differential
There a Flexible rear brake line that runs between the splitter and the brake line in the frame rail, it allows the axle to move up and down without breaking the line, although it can break over the years
You need that flexible brake line
Google: 1994 ford ranger flexible brake line rear