Hello LadySara! Welcome to AA. This place is great and chocked full of advice (most good, some bad
) First off are you adding an ammonia source while you are cycling? If not, read the article (link below) on starting a freshwater aquarium.
Yes, I would say you were a bit overstocked, mostly becasue guppies like to swim a lot and there is not a lot of space in a 5.5 gallon. That being said if you stay on top of water changes (I'm thinking at least 50% weekly) and regular vacuums your guppies should be healthy, but cramped. It will be very easy for the water to become toxic so I would move them to your 10 gallon as soon as it finishes cycling and look for a more appropriate fish (or shrimps!) for your 5.5
I currently have a 10 gal
and 5.5 and love them a lot (small apartment!) Hope you have lots of fun with your renewed hobby and good luck!