Anchoring mechanisms for releasably securing an intravascular device along an elongated member such as a guidewire or catheter. The anchoring mechanism may include an object that can be actuated between an unlocked position and a locked position. In the unlocked position, the anchoring mechanism is slidably and rotationally disposed about the elongated member. In the locked position, the anchoring mechanism is releasably secured to the elongated member, preventing movement thereon. A placement mechanism such as a tubular member can be utilized to actuate the anchoring mechanism between the unlocked and locked positions.