ANSWERS: 2
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Look at how much fluid is in the resivoir under the hood....it's probably low...it's located driver side, it should be filled up to the mark. If it is low then you have a slow leak probally at either or both of the flex hoses going from the steel brake line to the capleir, abs could also mean that the abs system it self is not working properly but that is usely not the case...i have the 94 ranger myself and had the same trouble
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I have seen similar problems on other vehicles and the most common cause I've seen is the speed sensor attached to the wheel sending erroneous info (or none at all) to the ABS controller. While it's not truly serious, your anti-lock brakes are now functioning as regular (non-ABS) brakes. Aside from that, there is no major problem, but I'd still have it looked at.
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