Kendra Wilkinson: Feud Still On ... Holly Madison's Not Loyal

Kendra Wilkinson's not waving any white flags in her war with Holly Madison ... but she is blaming hormones for her XXX tweets at her ex-Playboy pal.

We got Kendra outside FOX News Thursday and she explained why she's on the attack, and not planning to back down.

Earlier, she went after Holly on Twitter for dissing Hugh Hefner in a People article. The tweets were extremely graphic, and Kendra's since deleted them.

But the damage is done for Holly, who tells us she doesn't want to be part of a fight where "one woman lives to demoralize and degrade another woman."