On the night He was betrayed, Christ held up the Passover cup, and said, "This is the new covenant in my blood, shed for the remission of sins!", thus transforming the ordinance from an historical commemoration of Egyptian liberation to a commemoration of eternal freedom from sin and death. Everything the Lord had done in redemptive history led up to that event:
The New Covenant succeeds where the Law could only fail. The Law invokes guilt, while the New Covenant revokes it. The Law illustrated redemption, while the New Covenant accomplished it. The Law informed the conscience of a rebellious soul, but the New Covenant writes the living law of holiness on the renewed heart! The Law demands, the New Covenant endows. The Law damns, the New Covenant empowers.
But, with all this talk of covenants....where are dispensations?