What keeps the ball moving would be its acceleration.
And this is yet to be justified in any way.
An object accelerating up is basically getting loaded up with 'up' velocities. A few downs from resistive forces (gravity/denpressure, air resistance etc) might get into it, but they're outweighed and the net velocity is up, and increasing. When it gets cut off from acceleration the ups on board don't vanish, but there's only a finite number of them and they'd quickly be outweighed by the downs, so the upward motion slowns as more and more ups get cancelled, and then there's nothing, and then there's donwards.
Meanwhile an object moving at a constant speed gets loaded with ups at the same rate the downs cancel them out, so there's no leftover force and as soon as ups stop being added the downs dominate and hence downward velocity.
Except this ignores how it initially got to that point of a constant upwards velocity.
Continuing on from your acceleration example, instead of cutting power, you keep on going, but now at a constant velocity. This means you keep applying "ups" while magic keeps applying "downs", which cancel each other out resulting in the object remaining at constant velocity.
You now cut power (after a period of constant velocity), the object is still loaded with all these ups which need to be cancelled before it starts falling.
Even better, instead of calling these "ups" and "downs", lets give them units?
How about the ups will be +z Ns, and the downs will be -z Ns? (the + and - are to cancel each other instead of up and down, as +z + (-z)=0).
Lets also call them momentum packets.
So if you are initially at rest on the ground this means the ground is giving these +z Ns while "something" is giving -z Ns, and it all cancels out.
Then to accelerate upwards, you are getting more momentum packets applied to you in the +z direction.
This no longer cancels out and thus you establish a surplus of these +z momentum packets corresponding to your upwards motion.
If you no longer have these +z packets applied, so you just have the -z ones applied then you start to slow down, but your surplus keeps you moving.
Eventually you run out and you start falling.
If instead of losing all +z packets, you instead start getting the same amount as the -z packets, then it goes back to cancelling out and you continue moving upwards at a constant velocity.
You still have those initial +z packet surplus which is why you keep going up, with the -z packets cancelling out the additional +z packets.
Now when you stop applying the +z packets you only have the addition of the -z packets.
According to Septi this means you should drop instantly.
But you still have the surplus +z packets that kept you going after acceleration. So these should continue to keep you going, slowly getting cancelled by additional -z packets.
So even after that constant velocity, you should still decelerate, not stop dead.