You were actually asking for when the key was not down in that case.
The way you have your code set up could be improved. You check for a condition to be true and then you check if the same condition is false. Instead you could check if the condition once and based off of that perform an action.
Instead of two if statements, you can use an if else statement.
if (quit == false) {
if (input.isKeyDown(Input.KEY_UP) || input.isKeyDown(Input.KEY_W)) {
up = true;
right = false;
left = false;
down = false;
movingUp = true;
movingLeft = false;
movingRight = false;
movingDown = false;
buckyPositionY += delta * .1f;
if (buckyPositionY > -1059) {
buckyPositionY -= delta * .1f;
}
} else {
upAnimation = spriteUp;
}
}