To give some extra clarification: Version lookup using ~> is based on the Semantic Versioning Principle. It will match all versions starting with the one you specified, that are greater-or-equal in the last digit.
So 1.3 will match 1.3 up to but not including 2.0, so it will match 1.3.1, 1.4, 1.4.5, 1.99999999999999, but not 2.0.1.
1.2.4 will match 1.2.4 up to but not including 1.3 in exactly the same way, et cetera.
Note that release-candidate versions, (like 1.2-rc0 are not considered by the upgrading algorithm, as they are not taken to be ‘official, stable’ versions).
Semantic Versioning, and by extension using ~> to specify dependencies, is very useful to ensure that your application’s dependencies have the latest bugfixes, but do not break because of backwards-incompatible dependency versions.
