Allow butter and eggs to stand at room temperature for 30 minutes. Meanwhile, grease and lightly flour a 9x5x3-inch loaf pan; set aside. In a small bowl, pour boiling water over dried cranberries; let stand for 10 minutes. Drain well; set aside. In a medium bowl, combine flour, baking powder, salt and baking soda; set aside.

In a large mixing bowl, beat butter with an electric mixer on medium to high speed for 30 seconds. Gradually add sugar, 3 tablespoons at a time, beating on medium speed about 6 minutes or until very light and fluffy. Add orange peel and vanilla. Add eggs, 1 at a time, beating well on low to medium speed after each addition, scraping bowl frequently. Alternately add the flour mixture and sour cream to butter mixture, beating on low speed after each addition just until combined. Stir in cranberries. Pour batter into prepared pan.

Bake in a 325 degree F oven about 70 minutes or until a wooden toothpick inserted near center comes out clean. (Cake will be high in pan.) Cool for 10 minutes in pan on a wire rack. Remove from pan and completely cool on wire rack. If you like, sift powdered sugar over cake just before serving. Makes 10 to 12 servings.