This paper focuses on edge-enabled cloud radio access network architecture to achieve ultra-reliable communication, a crucial enabler for supporting mission-critical machine-type communication networks. We propose coordinated multi-point transmission schemes taking advantage of diversity mechanisms in interference-limited downlink cellular networks. The network scenario comprises spatially distributed multiple remote radio heads (RRHs) that may cooperate through silencing, or by using more elaborated diversity strategies such as maximum ratio transmission or transmit antenna selection to serve user equipment in the ultra-reliable operation regime. We derive an exact closed-form expression for the outage probabilities and expected values of signal-to-interference ratio for silencing, transmit antenna selection and maximum ratio transmission schemes. We formulate rate control and energy efficiency under reliability constraints to test the performance and resource usage of the proposed schemes. Furthermore, we study the impact on average system sum throughput with throughput-reliability trade-off under cooperative communication. Extensive numerical analysis shows the feasibility of ultra-reliable communication by implementing diversity schemes with RRHs cooperation.