Use two-finger long touch to open the floating menu where you can access additional options and colors.
Drag the floating menu wherever you want with a long-touch in the grey area.
In the basic state of the floating menu, you can access the following additional options:
You can switch between various displays of the floating menu, including the copy, cut, paste, clear, flip tools, the chromatic wheel, color sliders and the current palette.
After choosing the color in the chromatic wheel, tap on the empty circle at the top of the external ring to add the current color to the current palette.
The slider display is circular in the floating version.
Drag your Pencil or finger up and down on the values to increase or decrease them.
Tap on the hexadecimal value in the center to edit it.
If the sliding proves difficult because of the Scribble feature, it is advised to disable Scribble in your iPadOS Settings.