There is still hope to solve this using pure (GNU) sed. Despite this is not a generic solution in some cases you can use "loops" to eliminate all the unnecessary parts of the string like this:
sed -r -e ":loop" -e 's|(http://.+)/.*|\1|' -e "t loop"
The only problem here is it will also cut the last separator character ('/'), but if you really need it you can still simply put it back after the "loop" finished, just append this additional command at the end of the previous command line:
-e "s,$,/,"