Preheat your oven to 350°F (175°C) and prepare a 9x5-inch loaf pan by spraying it with non-stick cooking spray.
In a large mixing bowl, combine flour, sugar, baking powder, and salt. Whisk together until well combined.
Cut in softened butter until the mixture is crumbly.
Add eggs, vanilla extract, and cherry juice. Mix until just combined, being careful not to overmix.
Gently fold in chopped maraschino cherries.
Pour the batter into the prepared loaf pan and smooth the top.
Bake for about 1 hour and 10 minutes, or until a toothpick inserted into the center comes out clean.
Allow the bread to cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.
While cooling, prepare the frosting by beating together softened cream cheese and butter until fluffy. Gradually add powdered sugar and milk until you reach the desired consistency.
Once the bread is completely cool, frost the top generously with the cream cheese frosting and add sprinkles for decoration.
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Notes
Store leftovers in an airtight container at room temperature for up to 3 days.