I'm 5'6" and I ride a 53cm. Bike frame is not measured by a persons height, although the overall height is part of the equation.

It's measured by how comfortable you are when you are on the bike leaning forward holding the handlebars. That's the top tube length. I learned all this here.

I found that standover is not a factor unless the frame is obviously too tall.

I might even fit a 56cm frame if the standover height is not more than 31 1/2".

If you meant a 54cm, it would fit as long as you don't have unusually short or long arms/torso and such.