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2nd Gen Ram Tech1994-2001 Rams: This section is for TECHNICAL discussions only, that involve the 1994 through 2001 Rams. For any non-tech discussions, please direct your attention to the "General discussion/NON-tech" sub sections.
On a 98 the cause can either be the sensor on the tail shaft of tranny or the sensor on top of the rear end housing. Do you have the ABS and Brake light on too?
It's most likely the sensor on top of the rear end. Around $50.
Yep. That should fix the lights and the speedo. Some places have them for around $30 and other places are a bit more. Easy to install and should fix it