Jeff , That is a ride height control valve. It’s important to determine exactly where the leak is. Is the valve leaking or the plumbing? Get the area as clean as possible and start by spraying soapy water.
1993 Newell (316) 45' 8V92,towing an Imperial open trailer or RnR custom built enclosed trailer. FMCA#232958 '67 Airstream Overlander 27' '67GTO,'76TransAm,'52Chevy panel, 2000 Corvette "Lingenfelter"modified, '23 Grand Cherokee.
I just changed out a ride height valve for one of our Guru's and leak he had was from the vent which is normal, they will bleed a tad bit of air when the coach is turned off but it should stop after everything is settled, like Dean said make sure it's not just bleeding off then stops or it's a fitting thats leaking.