Ahogada literally means "drowned" or "suffocated." In the song, it's used in the idiomatic phrase "ahogada tú das patadas" (drowned, you kick).
This vivid image describes someone who is overwhelmed, struggling, and lashing out in desperation, much like a person drowning would kick to stay afloat. It perfectly captures the ex-partner's futile attempts to regain control or hurt the singer, highlighting the song's theme of moving on and the other person's lingering struggle.
This song is the ultimate anthem for getting over someone and finding success. Xavi starts by declaring, "Ya me superé y lo que antes soñaba, ahorita lo logré" (I'm over you and what I used to dream of, I've now achieved). He's not bragging about being super rich, saying he might not be in an AMG Mercedes, but he's happy and content because "Tengo comida en mi casa y con eso me va" (I have food in my house and that's enough for me). The best part is how he calls out an ex who ignored him when he had nothing, but is suddenly interested now that he's doing well. He remembers when he "ni pa' una soda cargaba" (couldn't even afford a soda) and now she's trying to hit him up. It's a classic story of someone's fortunes changing, and it feels so good to hear him celebrate his new, happier life.
The chorus is where he really gets his revenge. He tells his ex that what hurt her most is that "te hice lo mismo que me hiciste a mí" (I did the same thing to you that you did to me). The tables have turned completely. He uses the harsh image of her "ahogada... das patadas, pero ahora te aguantas" (kicking while you drown, but now you have to put up with it). It's a powerful way of saying she's struggling with the consequences of her own actions. He ends any lingering doubts by saying that if he ever told her he loved her, he's now taking it back to her face. It's a blunt and confident declaration that he's moved on and is much happier for it.