UPDATE! (03/09/2020):

Dear Reader,

Good news! Thanks to one of my readers, we now have another website that does this conversion.
I want to thank you Sara for informing us about this website!

She also said that “it has a problem, you have to check the code on a notepad and add the “” on ProcessVersion = “11.0”, otherwise it wont apply the basic settings”.

I haven’t tried it yet but you can try. It’s free to use.
You can check it here: http://presetconverter.com/

Best regards,
Sefa

UPDATE!:

Dear Reader,
Unfortunately, the site I have mentioned here is not available anymore. So, you need to try one of the paid solutions. If I can find another way I will share it here.
Best regards
Sefa

Lightroom has been started using .XMP files instead of .lrtemplate files after the version 7.3. The presets are created as .XMP files now and those files don’t work with the earlier versions of the Lightroom. If you need to use an .XMP file and if you have an earlier version of the Lightroom (older than 7.3) you need to convert that file to the old version of the preset file type which is .lrtemplate.

There are some sites converting those files with a cost. You may decide to use them but I found a website converting those files without any cost. Completely free and working. I have converted some .XMP files to .lrtemplate file and they are working well. However, the site converts only one file each time. So if you have many files it may take some time to convert all of them.

Follow the link and start converting your files. If the site doesn’t open, try opening by using a VPN.

https://xmp-to-lrtemplate-online-converter.000webhostapp.com

There is another point which is that the preset names are shown as “clean” when you import them into Lightroom just after the conversion. To fix that you need to change names of the presets for each one. To do that simply open the .lrtemplate files you have converted in a text editor (Notepad, Notepad++, etc.). There are name raws at the beginning of the file. Simply change the parts writing “clean” as you wish and save the files. To see the changes, import the files to the Develop Presets folder and re-open the Lightroom.

Enjoy!