diff --git a/version.php b/version.php
index 77a6fbd16d16a..db99998ac97c7 100644
--- a/version.php
+++ b/version.php
@@ -11,10 +11,10 @@
 // between betas, final and RCs. This is _not_ the public version number. Reset minor/patch level
 // when updating major/minor version number.
 
-$OC_Version = [34, 0, 0, 6];
+$OC_Version = [34, 0, 0, 7];
 
 // The human-readable string
-$OC_VersionString = '34.0.0 beta 5';
+$OC_VersionString = '34.0.0 RC1';
 
 $OC_VersionCanBeUpgradedFrom = [
 	'nextcloud' => [