You have an A4LD, 1 solenoid, automatic in a 1987 Ranger
The 1 solenoid locks the torque converter so not part of the shifting
The 1988/89 and up A4LD got a 2nd solenoid for OD shifting(3/4 shift)
Could be Vacuum modulator issue
Pre-solenoid automatics used fluid pressure and engine vacuum to decide when to shift, so no "computer" shifting in 1987, so no RPM based "shift points"
Vacuum modulator is connected to engine vacuum
An engine has high vacuum with less Load, low vacuum with high Load
Picture here, passenger side of transmission:
https://www.charlietranny.com/A4LDps.JPG
Modulator is the gold color unit toward the rear with the vacuum hose nipple
Pull that hose off and see if there is ATF fluid inside, if so replace modulator, it has an internal leak
Replacement can be done without removing transmission
Also see if that vacuum hose has any cracks/leaks, you can plug one end then go to the other end and suck or blow in it