Since this interoperability is sometimes problematic, I'd add NETBEUI to both machines. It's in the list of protocols for W95, but you need the files for XP, here's a direct download:
http://www.onecomputerguy.com/software/xp_netbeui.zip
Once you have added NETBEUI to both machines, you don't need any configuration like TCP/IP, it's ready to roll.
The other thing you'll have to do is add File & Print sharing on at least one machine, the easy one will be W95, since you won't stumble over permissions. Share a drive in My Computer, and you should be able to browse to it in My Network Places on the XP box.