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The utilization of bipolar-type memristive devices for the realization of synaptic connectivity in neural networks strongly depends on the ability of the devices for analog conductance modulation under application of electrical stimuli in the form of identical voltage pulses. Typically, filamentary valence change mechanism (VCM)-type devices show an abrupt SET and a gradual RESET switching behavior. Thus, it is challenging to achieve an analog conductance modulation during SET and RESET. Here, we show that analog as well as binary conductance modulation can be achieved in a Pt/HfO2/TiOx/Ti VCM cell by varying the operation conditions. By analyzing the switching dynamics over many orders of magnitude and comparing to a fully dynamic switching model, the origin of the two different switching modes is revealed. SET and RESET transition show a two-step switching process: a fast conductance change succeeds a slow conductance change. While the time for the fast conductance change, the transition time, turns out to be state-independent for a specific voltage, the time for the slow conductance change, the delay time, is highly state-dependent. Analog switching can be achieved if the pulse time is a fraction of the transition time. If the pulse time is larger than the transition time, the switching becomes probabilistic and binary. Considering the effect of the device state on the delay time in addition, a procedure is proposed to find the ideal operation conditions for analog switching