(A) Who were chosen and foreknown by God the Father and consecrated (sanctified, made holy) by the Spirit to be obedient to Jesus Christ (the Messiah) and to be sprinkled with [His] blood: (B) May grace (spiritual blessing) and peace be given you in increasing abundance [that spiritual peace to be realized in and through Christ, freedom from fears, agitating passions, and moral conflicts]. 1 Peter 1:2 (A and B added)
A: Look at the faith Peter has. It is genuine faith he is writing about to encourage other Christians. His faith and love for Christ carried him to obedience to what Jesus instructed. I am chosen. I am known by god - He consecrated me with His Holy Spirit to be obedient to Jesus and sprinkled - saved me - by His blood. All these holy things are me as part of Christ. God chose me. He knew I would be His before I submitted to Him.
B: I have freedom in Christ. I am free from fears. Free from my sinful nature. It is no longer part of me. I have grace through Christ.
By His boundless mercy we have been born again to an ever-living hope through the resurrection of Jesus Christ from the dead,1 Peter 1:3b
God's mercy spared me from my sin and consequences (eternal death and temporal results of sin). His mercy brought me out of sin and into blessings. In Him I place my never ending hope. What confidence Peter has in Christ. I love reading about it.