In the provided ISML example, the correct way to reference the product object in the current iteration of the loop is simply with product. This is because the var attribute in the <isloop> tag defines product as the variable name that holds the current item in the loop. The variable product directly accesses the properties of the product object being iterated over, without needing to reference the complete path or the loop status. This usage aligns with standard ISML loop conventions documented in Salesforce Commerce Cloud developer guides.