diff --git a/packages/rn-tester/Podfile.lock b/packages/rn-tester/Podfile.lock
index 51a0dea2c3b..8b5b2eda281 100644
--- a/packages/rn-tester/Podfile.lock
+++ b/packages/rn-tester/Podfile.lock
@@ -11,7 +11,7 @@ PODS:
     - React-Core (= 1000.0.0)
     - React-jsi (= 1000.0.0)
     - ReactCommon/turbomodule/core (= 1000.0.0)
-  - Flipper (0.41.5):
+  - Flipper (0.54.0):
     - Flipper-Folly (~> 2.2)
     - Flipper-RSocket (~> 1.1)
   - Flipper-DoubleConversion (1.1.7)
@@ -25,36 +25,36 @@ PODS:
   - Flipper-PeerTalk (0.0.4)
   - Flipper-RSocket (1.1.0):
     - Flipper-Folly (~> 2.2)
-  - FlipperKit (0.41.5):
-    - FlipperKit/Core (= 0.41.5)
-  - FlipperKit/Core (0.41.5):
-    - Flipper (~> 0.41.5)
+  - FlipperKit (0.54.0):
+    - FlipperKit/Core (= 0.54.0)
+  - FlipperKit/Core (0.54.0):
+    - Flipper (~> 0.54.0)
     - FlipperKit/CppBridge
     - FlipperKit/FBCxxFollyDynamicConvert
     - FlipperKit/FBDefines
     - FlipperKit/FKPortForwarding
-  - FlipperKit/CppBridge (0.41.5):
-    - Flipper (~> 0.41.5)
-  - FlipperKit/FBCxxFollyDynamicConvert (0.41.5):
+  - FlipperKit/CppBridge (0.54.0):
+    - Flipper (~> 0.54.0)
+  - FlipperKit/FBCxxFollyDynamicConvert (0.54.0):
     - Flipper-Folly (~> 2.2)
-  - FlipperKit/FBDefines (0.41.5)
-  - FlipperKit/FKPortForwarding (0.41.5):
+  - FlipperKit/FBDefines (0.54.0)
+  - FlipperKit/FKPortForwarding (0.54.0):
     - CocoaAsyncSocket (~> 7.6)
     - Flipper-PeerTalk (~> 0.0.4)
-  - FlipperKit/FlipperKitHighlightOverlay (0.41.5)
-  - FlipperKit/FlipperKitLayoutPlugin (0.41.5):
+  - FlipperKit/FlipperKitHighlightOverlay (0.54.0)
+  - FlipperKit/FlipperKitLayoutPlugin (0.54.0):
     - FlipperKit/Core
     - FlipperKit/FlipperKitHighlightOverlay
     - FlipperKit/FlipperKitLayoutTextSearchable
     - YogaKit (~> 1.18)
-  - FlipperKit/FlipperKitLayoutTextSearchable (0.41.5)
-  - FlipperKit/FlipperKitNetworkPlugin (0.41.5):
+  - FlipperKit/FlipperKitLayoutTextSearchable (0.54.0)
+  - FlipperKit/FlipperKitNetworkPlugin (0.54.0):
     - FlipperKit/Core
-  - FlipperKit/FlipperKitReactPlugin (0.41.5):
+  - FlipperKit/FlipperKitReactPlugin (0.54.0):
     - FlipperKit/Core
-  - FlipperKit/FlipperKitUserDefaultsPlugin (0.41.5):
+  - FlipperKit/FlipperKitUserDefaultsPlugin (0.54.0):
     - FlipperKit/Core
-  - FlipperKit/SKIOSNetworkPlugin (0.41.5):
+  - FlipperKit/SKIOSNetworkPlugin (0.54.0):
     - FlipperKit/Core
     - FlipperKit/FlipperKitNetworkPlugin
   - glog (0.3.5)
@@ -357,25 +357,25 @@ DEPENDENCIES:
   - DoubleConversion (from `../../third-party-podspecs/DoubleConversion.podspec`)
   - FBLazyVector (from `../../Libraries/FBLazyVector`)
   - FBReactNativeSpec (from `../../Libraries/FBReactNativeSpec`)
-  - Flipper (~> 0.41.1)
+  - Flipper (~> 0.54.0)
   - Flipper-DoubleConversion (= 1.1.7)
   - Flipper-Folly (~> 2.2)
   - Flipper-Glog (= 0.3.6)
   - Flipper-PeerTalk (~> 0.0.4)
   - Flipper-RSocket (~> 1.1)
-  - FlipperKit (~> 0.41.1)
-  - FlipperKit/Core (~> 0.41.1)
-  - FlipperKit/CppBridge (~> 0.41.1)
-  - FlipperKit/FBCxxFollyDynamicConvert (~> 0.41.1)
-  - FlipperKit/FBDefines (~> 0.41.1)
-  - FlipperKit/FKPortForwarding (~> 0.41.1)
-  - FlipperKit/FlipperKitHighlightOverlay (~> 0.41.1)
-  - FlipperKit/FlipperKitLayoutPlugin (~> 0.41.1)
-  - FlipperKit/FlipperKitLayoutTextSearchable (~> 0.41.1)
-  - FlipperKit/FlipperKitNetworkPlugin (~> 0.41.1)
-  - FlipperKit/FlipperKitReactPlugin (~> 0.41.1)
-  - FlipperKit/FlipperKitUserDefaultsPlugin (~> 0.41.1)
-  - FlipperKit/SKIOSNetworkPlugin (~> 0.41.1)
+  - FlipperKit (~> 0.54.0)
+  - FlipperKit/Core (~> 0.54.0)
+  - FlipperKit/CppBridge (~> 0.54.0)
+  - FlipperKit/FBCxxFollyDynamicConvert (~> 0.54.0)
+  - FlipperKit/FBDefines (~> 0.54.0)
+  - FlipperKit/FKPortForwarding (~> 0.54.0)
+  - FlipperKit/FlipperKitHighlightOverlay (~> 0.54.0)
+  - FlipperKit/FlipperKitLayoutPlugin (~> 0.54.0)
+  - FlipperKit/FlipperKitLayoutTextSearchable (~> 0.54.0)
+  - FlipperKit/FlipperKitNetworkPlugin (~> 0.54.0)
+  - FlipperKit/FlipperKitReactPlugin (~> 0.54.0)
+  - FlipperKit/FlipperKitUserDefaultsPlugin (~> 0.54.0)
+  - FlipperKit/SKIOSNetworkPlugin (~> 0.54.0)
   - glog (from `../../third-party-podspecs/glog.podspec`)
   - RCT-Folly (from `../../third-party-podspecs/RCT-Folly.podspec`)
   - RCTRequired (from `../../Libraries/RCTRequired`)
@@ -491,13 +491,13 @@ SPEC CHECKSUMS:
   DoubleConversion: cde416483dac037923206447da6e1454df403714
   FBLazyVector: 8ea0285646adaf7fa725c20ed737c49ee5ea680a
   FBReactNativeSpec: 29b1b8a11346e71351f3a2ba126439810edee362
-  Flipper: 33585e2d9810fe5528346be33bcf71b37bb7ae13
+  Flipper: be611d4b742d8c87fbae2ca5f44603a02539e365
   Flipper-DoubleConversion: 38631e41ef4f9b12861c67d17cb5518d06badc41
   Flipper-Folly: c12092ea368353b58e992843a990a3225d4533c3
   Flipper-Glog: 1dfd6abf1e922806c52ceb8701a3599a79a200a6
   Flipper-PeerTalk: 116d8f857dc6ef55c7a5a75ea3ceaafe878aadc9
   Flipper-RSocket: 64e7431a55835eb953b0bf984ef3b90ae9fdddd7
-  FlipperKit: bc68102cd4952a258a23c9c1b316c7bec1fecf83
+  FlipperKit: ab353d41aea8aae2ea6daaf813e67496642f3d7d
   glog: 40a13f7840415b9a77023fbcae0f1e6f43192af3
   OpenSSL-Universal: 8b48cc0d10c1b2923617dfe5c178aa9ed2689355
   RCT-Folly: b39288cedafe50da43317ec7d91bcc8cc0abbf33
diff --git a/packages/rn-tester/README.md b/packages/rn-tester/README.md
index 4c9733acf95..e1d52db2288 100644
--- a/packages/rn-tester/README.md
+++ b/packages/rn-tester/README.md
@@ -13,7 +13,7 @@ Before running the app, make sure you ran:
 ### Running on iOS
 
 Both macOS and Xcode are required.
-
+- `cd packages/rn-tester`
 - Install [Bundler](https://bundler.io/): `gem install bundler`. We use bundler to install the right version of [CocoaPods](https://cocoapods.org/) locally.
 - Install Bundler and CocoaPods dependencies: `bundle install && bundle exec pod install`
 - Open the generated `RNTesterPods.xcworkspace`. This is not checked in, as it is generated by CocoaPods. Do not open `RNTesterPods.xcodeproj` directly.
diff --git a/packages/rn-tester/android/app/gradle.properties b/packages/rn-tester/android/app/gradle.properties
index bba40bc5101..5c93b3bca83 100644
--- a/packages/rn-tester/android/app/gradle.properties
+++ b/packages/rn-tester/android/app/gradle.properties
@@ -10,4 +10,4 @@ android.useAndroidX=true
 android.enableJetifier=true
 
 # Version of flipper SDK to use with React Native
-FLIPPER_VERSION=0.37.0
+FLIPPER_VERSION=0.54.0
diff --git a/scripts/react_native_pods.rb b/scripts/react_native_pods.rb
index ffdbfee75bf..213f8543398 100644
--- a/scripts/react_native_pods.rb
+++ b/scripts/react_native_pods.rb
@@ -70,7 +70,7 @@ def use_react_native! (options={})
 end
 
 def use_flipper!(versions = {}, configurations: ['Debug'])
-  versions['Flipper'] ||= '~> 0.41.1'
+  versions['Flipper'] ||= '~> 0.54.0'
   versions['Flipper-DoubleConversion'] ||= '1.1.7'
   versions['Flipper-Folly'] ||= '~> 2.2'
   versions['Flipper-Glog'] ||= '0.3.6'
diff --git a/template/android/gradle.properties b/template/android/gradle.properties
index 04ca0ef29e7..3bdbd3d4e90 100644
--- a/template/android/gradle.properties
+++ b/template/android/gradle.properties
@@ -25,4 +25,4 @@ android.useAndroidX=true
 android.enableJetifier=true
 
 # Version of flipper SDK to use with React Native
-FLIPPER_VERSION=0.37.0
+FLIPPER_VERSION=0.54.0