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Ford Explorer Community - Maintenance - Modifications - Performance Upgrades - Problem Solving - Off-Road - Street
Explorer Forum Covers the Explorer ST, Explorer Sport, Explorer Sport Trac, Lincoln Aviator, Mercury Mountaineer, Mazda Navajo, Ford Ranger, Mazda Pickups, and the Ford Aerostar
Speedometer is driven by a sensor on the differential AFAIK. There's a gear in the housing (ratio of which corresponds to wheel size) that drives something like this for an RPM output electrical signal:
I'd say 99% chance it's the sensor in the rear axle. This happened to me a few times in different vehicles. It's a $10 part and 5 minutes to fix. Unplug, unbolt, replace, bolt in, plug in.