Rebalance & change shocks
I 2nd DF5152's remarks. Even if you had loose upper/lower ball joints, the wheel would not be hopping for that reason alone.
The job of shock absorbers is to control wheel/tire balance from imperfect road surfaces. Even with a wheel/tire combo that is perfectly balanced you will get some hopping on bad joints, etc... The shock normally will control that to one bounce.
On the other hand, a wheel/tire combo that is unbalanced will start bouncing "like a basket ball dribble" starting at speeds of 55+ and get more noticable up to about 75 or so.
1-2 ounces out of balance will just be annoying. 3-5 ounces will make you wonder if the truck is going to stay in one piece.
What you are describing is a classic example of an out-of-balance situation in the 2-3+ ounce categoy. If this exists long enough, it will destroy a good shock.
My advise is to have the tires rebalanced, AND replace ALL of the shock absorbers. The reason for this is, the vehicle's suspension must be equally dampened on all four corners. If it is not, you will get a severe "wobbling effect around the geometric center of the vehicle".
This will effect the steering geometry and if bad enough will produce over-steer when cornering.
I have a brand new work van. At less than 2,000 miles I had all of the shocks replaced with heavy duty shocks because of the over steer problem. This is a 9 passenger E-150 van with the rear seat removed and my tools loaded in the back. About 600 lbs. This rear loading accentuates the over-steering symptoms. I also had the front end realigned WITH all of my tools in the back. This because with the rear end about 4 inches lower than "empty", the steering geometry is different than when empty. The van is now perfectly behaved and predictable.
One other comment:
... . Depending on how long this condition has existed, that tire may not be any good. Have it checked thoroughly for flat spots and irregular wear. Even if it is balanced, "out of round" tires will cause problems.
Luck to you,
John