We have investigated the role of the electroforming process in the establishment of resistive switching behaviour for Pt/Ti/Pr0.5Ca0.5MnO3/SrRuO3 layered heterostructures (Pt/Ti/PCMO/SRO) acting as non-volatile Resistance Random Access Memories (RRAMs). Electron spectroscopy measurements demonstrate that the higher resistance state resulting from electroforming of as-prepared devices is strictly correlated with the oxidation of the top electrode Ti layer through field-induced electromigration of oxygen ions. Conversely, PCMO exhibits oxygen depletion and downward change of the chemical potential for both resistive states. Impedance spectroscopy analysis, supported by the detailed knowledge of these effects, provides an accurate model description of the device resistive behaviour. The main contributions to the change of resistance from the as-prepared (low resistance) to the electroformed (high resistance) states are respectively due to reduced PCMO at the boundary with the Ti electrode and to the formation of an anisotropic n-p junction between the Ti and the PCMO layers.