2001 Ranger. I found dangling down from left side rear a hose with a cilp. It was attached to the axle housing. What is it for and where does it go. It just appears to be some type of air hose but is not attached to anything at other end. Should I be concerned? Thanks

That is just a vent tube. It usually clips to the frame. All I does is it keep pressure from building up in the rearend so your axle seals don't blow out