Travel? I don't think so

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2nd half, boys JV. A1 stops his dribble with a jump stop. Out of balance but not moving his pivot, he regains his balance by placing the ball on the floor and uses it as a balance point. As he comes back upright, my partner calls travel violation. Nobody complains but after the game I told him I didn't think it was a travel or any violation. He wouldn't be swayed w/o reference. I think the play is legal based on 4-44-5 which allows a player holding the ball to place his hand on the floor. That allowance infers to me that the ball in both hands would be allowed to touch the floor also. Additionally, I could not find any part of the rules which prohibits the ball balance point. I seem to remember this being discussed before on this forum. Appreciate if any member has specifics for or against my understanding of the rule here.