The monitoring tool is only looking at one factor and does not understand how RAM is allocated nor how free is displaying the values.
There is probably a lot of stale data in the "used" space that could be cleared out (deleted or swapped out) when more space is needed thus a major portion of the "used" is actually "available". Systems are designed to keep data available for quick access as long as adequate RAM is there for the purpose, so unnecessary swapping or deletions are delayed.
The monitoring tool really should be looking at both "free" and "available".
Note mine here
Code:
# free -h
total used free shared buff/cache available
Mem: 31Gi 13Gi 1.9Gi 214Mi 16Gi 17Gi
Swap: 8.0Gi 17Mi 8.0Gi
I only have 32GB but used + available totals 40GB.
On yours used + available totals 54GB
The buff/cache value also factors into that.
Note that the used + free + shared + buff/cache ~= total, and available is a value that may be repurposed from all the others.