Rim the edge of the punch bowl with a light coating of water or lime juice, then dip it into sugar to create a snowy effect. In the punch bowl, combine the chilled cherry juice (or soda) and lime juice. Stir gently. Add a generous layer of crushed ice on top to keep the punch cold and enhance the frosty appearance. Garnish with plenty of maraschino cherries and lime slices across the surface for a vibrant, holiday-themed presentation. Serve in glasses, each optionally garnished with a cherry and lime slice.