its 5.4.45  

is there any older version that I should consider??

You should really consider updating php, or ask your host to. 5.4 is end of life, there are no security updates anymore. It's not a good idea to go for an old, unsupported elgg version, just because your using an old, unsupported php version. You're gonna regret this sooner or later.

PHP 5.4 is still older,  better go with php5.6