She was already hurt from boxing.
She spends the first minute and a half getting socked in the face cause she is trying to exchange, eats some big rights, and the first time they clench is at 3:35 left in RD 1 where she goes to dbl underhooks (to seperate) instead of trying to use the clench to throw or holding her to control the arm.
She does this cause she thinks she can box with her.
You should go contrast this with something like the Carla Esperansa / JJ fight where Carla knows she cannot standup with JJ so clutches onto her relentlessly not looking to seperate (same thing DC used to do). Ronda belived in her head she could box with this champion boxer for 90% of the match. By the time she truley realizes she is outclassed in boxing she is seconds away from being knockedout.
She tries another clench at 2:40 left in RD 1, but its only cause she is dazed again from almost being knocked out by a overhand some jabs and an elbow. So, she instinctively goes to her judo from being dazed... but because she is dazed she can't do anything with it. It just saves her from being knockedout again...
She gets caught a few more times so tries (and successfully) grabs Holly's arm at like 1:45 left in RD 1... but instead of holding or draging the arm she lets it go to throw punches.
Holly gets away. Ronda catches a straight left... then a straight right.... both to the face.
Then Holly hits her with a punch at 1:18 left in RD 1 that essentially ends the fight. This is the punch that drains all Ronda's life like Little Mac hit the select. button.
And even though she gets out of RD 1 and makes it into RD 2... its already over. She is dead on her feet. Its too late.
ROME HAS FALLEN