It is possible. If you look in Amazon, you can get DP cables that are VESA certified for 32.4 Gbps transfer rate over long distances. They are often labeled as 8K cables. The way it is done is by converting the signal at both ends to Fiber optic. 20 Feet VESA certified DP cable 8K    Just make sure to get a VESA certified version so you are assured it meets VESA specifications.  
I was hoping to find one more advantage at DisplayPort over USB Type-C. By using DisplayPort over USB Type-C, can we overcome the DisplayPort limitation of 1.8 meters without losing data? I have an Alienware AW3420DW monitor with DP 1.2 compatibility. I have been investigating for days how to overcome this limitation. I still can't find a solution that guarantees 2K 120Hz with DP 1.2 for 5 meters.  Is this possible?
AW3420DW, data loss due to DP over USB-C cable length