Echale ganas

Echale ganas
 

A friend goes into the auditorium to make a presentation, and says to me
'"échale ganas." Thinking it over, did he mean "Wish me luck?" If so, why use "le" instead of "me?"
I want to say something like to wish someone luck, but only if that's what it means. Up to now the only thing I know is "Dale con todo," which is not really the same, is it?

In my hood it would be "ponele ganas", meaning "do it with enthusiasm", "be confident and assertive" but also implying "break a leg" and "have them eating out from your hand". It's a piece of advice mixed with good vibes.

But he said it to me, as if he were wishing me luck instead of the other way round! So maybe he was actually wishing me luck (which I badly need) with my Spanish studies.

In Spanish there is a use of "le" that doesn't refer to anything specifically, and usually it "substitutes" the situation.

The expression "echarle ganas (a algo)" is encouragement. Your friend is saying keep up the good work.