Step 1: Understanding the Concept:
At equilibrium the cell potential is zero, which links the standard cell potential to the equilibrium constant: \(E^{\circ}_{cell} = \frac{0.0592}{n}\log K\) at \(298\) K.
Step 2: Key Formula or Approach:
The reaction \(\text{X} + \text{Y}^{2+} \to \text{X}^{2+} + \text{Y}\) transfers \(n = 2\) electrons.
Step 3: Detailed Explanation:
\[ \log K = \frac{n E^{\circ}}{0.0592} = \frac{2 \times 0.0296}{0.0592} = 1 \]
\[ K = 10^{1} = 10 \]
A value of \(K = 1\) would need \(E^{\circ} = 0\), and \(K = 100\) or \(1000\) would need \(E^{\circ}\) of \(0.0592\) V or \(0.0888\) V.
Final Answer:
\(K = 10\), option (B).
\[ \boxed{10} \]