This is the great rectification for a blemish of the Covenant that the Rebbe revealed, and as its name implies, is a rectification for all sins.
The Rebbe promised in front of two witnesses
that if anyone comes to his gravesite and recites these ten chapters of Psalms,
he will do anything and everything for that person to drag him out of the netherworld.
It is an accepted custom today in Breslov to recite it every day for its spiritual power, and to prevent a person from spiritual falls.