Mine graps about 1/8-1/2 inch down. Should be a slight freeplay in it to allow for full engagement of the clutch. So as long as you have slight freeplay and you clutch is working properly, its nothing you should worry about.

If yours has no freeplay in it, if i remember correctly, the rod going from the pedal to the clutch master can be adjusted. I believe the safety switch also has an adjustment, if needed

2004 XLT FX4 4.0L 5-Speed

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2004 Ranger XLT FX4 4.0L 5-Speed R1HD