At fast rotation rates the coronal activity of G- and K-type stars has been observed to saturate and then decline again at even faster rotation rates -- a phenomenon dubbed super-saturation. In this paper we investigate coronal activity in fast-rotating M-dwarfs using deep XMM-Newton observations of 97 low-mass stars of known rotation period in the young open cluster NGC 2547, and combine these with published X-ray surveys of low-mass field and cluster stars of known rotation period. Like G- and K-dwarfs, we find that M-dwarfs exhibit increasing coronal activity with decreasing Rossby number N_R, the ratio of period to convective turnover time, and that activity saturates at L_x/L_bol ~ 10^-3 for log N_R < -0.8. However, super-saturation is not convincingly displayed by M-dwarfs, despite the presence of many objects in our sample with log N_R < -1.8, where super-saturation is observed to occur in higher mass stars. Instead, it appears that a short rotation period is the primary predictor of super-saturation; P <=0.3d for K-dwarfs and perhaps P <=0.2d for M-dwarfs. These observations favour the centrifugal stripping model for super-saturation, where coronal structures are forced open or become radiatively unstable as the Keplerian co-rotation radius moves inside the X-ray emitting coronal volume.