I know my '97 isn't the same generation as yours, but I doubt that this has changed much.
I pushed the grommet for the hood release out, and put in a larger one from home depot. I then put both the hoodrelease and the power wire through it and sealed with silicon.

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1997 Ranger XLT GREEN SOLD.
Sony HU: Infinity 6X8's: painted interior vinyl: reupholstered and painted door panels: new vinyl floor: fo-diamond plate behind seats: Suede headliner: Two tone black/tan interior: fiberglass OHC: Black Explorer visors w/ upgraded mirrors: painted grill w/ mesh in grill: locking tonneau: 10" kicker sub: pioneer amp: racing stripes: blacked out tailights: custom paint on rims and hubcaps: Painted bumpers: rocker stripes: More mods that won't fit